The Collaborative International Dictionary of English v.0.48:

Steep \Steep\, a. [Compar. Steeper (-[~e]r); superl.
   Steepest.] [OE. steep, step, AS. ste['a]p; akin to Icel.
   steyp[eth]r steep, and st[=u]pa to stoop, Sw. stupa to fall,
   to tilt; cf. OFries. stap high. Cf. Stoop, v. i., Steep,
   v. t., Steeple.]
   1. Making a large angle with the plane of the horizon;
      ascending or descending rapidly with respect to a
      horizontal line or a level; precipitous; as, a steep hill
      or mountain; a steep roof; a steep ascent; a steep
      declivity; a steep barometric gradient.
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   2. Difficult of access; not easily reached; lofty; elevated;
      high. [Obs.] --Chapman.
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   3. Excessive; as, a steep price. [Slang]
      [1913 Webster]