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The phrase "a steep drop in" is correct and usable in written English.
It can be used to describe a significant decrease in a particular quantity or value, such as prices, performance, or statistics.
Example: "The company reported a steep drop in sales during the last quarter, raising concerns about its future profitability."
Alternatives: "a sharp decline in" or "a significant decrease in".
Exact(54)
I predict a steep drop in sales of Lunesta tonight.
(It also remains open despite a steep drop in traffic).
The result is "a steep drop in the average earnings of households".
Its closure coincided with a steep drop in global e-mail volumes.
But the decline was mostly a result of a steep drop in aircraft and military orders.
But the decline was largely a result of a steep drop in commercial aircraft orders.
Officials said a steep drop in the cost of solar power components justified the change.
Slower hiring and a steep drop in new orders drove the index down.
K.K.R. reported a steep drop in fees despite strong growth in its holdings.
A steep drop in interest rates boosted returns from bonds and also helped buoy stock prices.
A steep drop in foreign direct investment has been a major worry.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com