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steep (adj.)

"having a sharp slope," Old English steap "high, lofty; deep; prominent, projecting," from Proto-Germanic *staupa- (source also of Old Frisian stap "high, lofty," Middle High German *stouf), from PIE *steup-, extended form of root *(s)teu- (1) "to push, stick, knock, beat," with derivations referring to projecting objects (source also of Greek typtein "to strike," typos "a blow, mold, die;" Sanskrit tup- "harm," tundate "pushes, stabs;" Gothic stautan "push;" Old Norse stuttr "short"). The sense of "precipitous" is from c. 1200. The slang sense "at a high price" is a U.S. coinage first attested 1856. Related: Steeply; steepness. The noun meaning "steep place" is from 1550s.

steep (v.)

"to soak in a liquid," early 14c., of uncertain origin, originally in reference to barley or malt, probably cognate with Old Norse steypa "to pour out, throw" (perhaps from an unrecorded Old English cognate), from Proto-Germanic *staupijanan. Related: Steeped; steeping.

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Definitions of steep from WordNet
1
steep (adj.)
having a sharp inclination;
the steep attic stairs
steep cliffs
steep (adj.)
greatly exceeding bounds of reason or moderation;
steep (adj.)
of a slope; set at a high angle;
a steep roof sheds snow
note the steep incline
2
steep (v.)
devote (oneself) fully to;
Synonyms: immerse / engulf / plunge / engross / absorb / soak up
steep (v.)
let sit in a liquid to extract a flavor or to cleanse;
steep the fruit in alcohol
steep the blossoms in oil
Synonyms: infuse
3
steep (n.)
a steep place (as on a hill);
From wordnet.princeton.edu