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The phrase "a steep fall in" is correct and usable in written English.
It can be used to describe a significant decrease in a particular quantity or value, often in contexts such as economics, statistics, or general observations of decline.
Example: "The company reported a steep fall in profits this quarter compared to the last."
Alternatives: "a sharp decline in" or "a significant drop in".
Exact(57)
Ingram Micro im, a distributor of computer components, saw its stock fall sharply after recording a steep fall in profit in the first quarter despite soaring sales.
Petrol Ofisi announced a steep fall in profits this week.
Although the recession has seen a steep fall in output, it has also hurt productive capacity.
Since July the Greater Phoenix market has "cooled dramatically", thanks to a steep fall in demand.
A steep fall in the price of oil, the main export, has cut into government revenues.
A pair of suits alleging fraud, and a steep fall in earnings.
It showed a steep fall in mortality after Intermountain put in place a heart-failure protocol.
But the rise comes despite a steep fall in lending volumes.
And again the recession that followed led to a steep fall in private investment.
The result was a severe recession, and a steep fall in private investment.
Faced with a steep fall in its revenues, PDVSA, the state-owned oil company, wants to cut its costs.
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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