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"a steep reduction" is correct and usable in written English.
You could use "a steep reduction" to describe a sudden or dramatic decrease in something. For example, "The company saw a steep reduction in profits after introducing the new product line."
Exact(51)
Vale's stock price saw a steep reduction about a month ago due to the dam accident at its plant in Brazil's Minas Gerais state in the last week of January 2019.
That would be a steep reduction from the amount the United States now spends here, which has been $110 billion to $120 billion a year since the "surge" in American troop levels began in 2010, according to the Congressional Research Service.
The numbers in Chechnya were 81 killed and 103 wounded, a steep reduction from just a few years ago.
Inside, a group of advocates in wheelchairs also criticized a steep reduction in financing for in-home care.
These include the privatization of government-owned airlines, utilities and manufacturing companies; the elimination of trade barriers within Europe; and a steep reduction in government subsidies for business.
The work on the garden has already had one positive outcome: a steep reduction in crime there and along the adjacent riverbank.
Similar(9)
Over the past few weeks, officials have used that same logic to justify a steeper reduction of forces in Afghanistan.
The error curve has a steeper reduction in test error with the increase in training dataset size in the DNN model compared to Random Forest models.
Cable argues instead for a weaker carbon target, saying: "This level keeps us on course to meet our 2050 target and entails a steeper reduction in emissions than the previous government set for carbon budgets, which easily justifies our position as greenest government ever".
Similarly, we expect that young people with a higher incremental domestic workload and a steeper reduction in time transfers after transition to adulthood will be less eager to leave the "gilded cage" (Cook and Furstenberg 2002) of the parental family.
A more obvious increase in ⊿CHS was associated with a steeper reduction in ⊿baPWV (see table 1 for details).
More suggestions(17)
a severe reduction
a steep drawdown
a substantial reduction
a steep decline
a deep reduction
a high reduction
a strong reduction
a considerable reduction
a steep decreasing
a drastic reduction
a steep decrease
a steep declining
a dramatic reduction
a pronounced reduction
a large reduction
a marked reduction
a very strong reduction
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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