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The phrase "steep decrease in" is grammatically correct and is often used in written English
It means a significant or sharp decline in something. Example: The company saw a steep decrease in profits due to the economic downturn.
Exact(60)
Last month, Morgan Stanley reported a steep decrease in its earnings because of some wrong bets on the direction of interest rates by its bond traders.
One significant outcome of the coming cuts, officials said, could be a steep decrease in the number of intelligence analysts assigned to the region.
What worries some experts is that some of the problems here are all too common, a steep decrease in property and sales taxes and transfer fees as a result of weakness in the housing market.
A steep decrease in self-inflicted shootings among 10- to-14-year-olds helped make suicides by hanging or other forms of suffocation more common than gun suicides in that age group, researchers said.
But the especially sharp decline in the 2009 fiscal year, which ended Sept. 30, was a sign of a steep decrease in the flow of migrant workers from Mexico and Central America, immigration officials and researchers said.
A study in July by the Pew Hispanic Center, part of the Pew organization, found a steep decrease in recent years in the flow of Mexican migrants, especially since 2007.
We have inherited, from the good years, a glut of housing, almost all of it of the unaffordable kind — condos galore — and an increase in office space amid a sudden, steep decrease in the need for it.
A power law distribution of apertures will cause a steep decrease in conductivity at low pressures.
A power law distribution of apertures causes a steep decrease in conductivity at low pressures.
A power law distribution of aperture thus causes a steep decrease in conductivity at low pressures.
The great recession has had a large labour market impact causing a steep decrease in employment rates.
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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