means Rising or falling at a sharp angle; also, by extension, alarmingly high (as in a price) or, as a verb, to soak something in liquid to extract its essence.

from From Old English 'steap,' meaning lofty or high — related to a Germanic family of words about projecting upward, and a likely cousin to 'steeple,' that pointed church-top that seems to stab the sky. The 'soak in liquid' sense of steep is actually a separate word, from Old Norse roots about dipping and dampness; English just happened to spell them the same, so your tea and your hillside share a surname by coincidence.