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"the steep decline" is a grammatically correct and commonly used phrase in written English.
It can be used to describe a significant decrease or decrease in something, such as a trend or behavior. Example: The company experienced a steep decline in profits this quarter due to the economic downturn.
Exact(60)
The steep decline in prices began initially in Germany.
Frustrated by the steep decline in your portfolio?
Ofcom says landline price increases are due to the steep decline in phone call income.
One propellant for stock prices has been the steep decline in interest rates.
Still, the reasons for the steep decline and recent reversal are poorly understood.
At first glance, I thought the steep decline in the company's stock price was surprising.
Another sign of the times is the steep decline of the Labour party.
"We all stand to lose if we do not stop the steep decline in home prices".
Given the steep decline in hiring, has Manpower made any staff cuts recently?
The steep decline in home prices suddenly makes California, with its many natural amenities, an attractive bargain.
Home sales have been creeping up and the steep decline in prices since 2006 appears to have bottomed.
More suggestions(17)
the precipitous decline
the strong decline
the abrupt decline
the drastic decline
the steep decrease
the considerable decline
the sudden decline
the dramatic decline
the pronounced decline
the high decline
the deep decline
the steep fall
the staggering decline
the vertiginous decline
the slope decline
the steep reductions
the sharp decline
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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