Expensive set broke record (5)
I believe the answer is:
'expensive' is the definition.
(I've seen this in another clue)
'set broke record' is the wordplay.
'broke' indicates anagramming the letters.
'record' becomes 'EP' (abbreviation for extended play record).
'set' is an anagram of 'ste'.
(Other definitions for steep that I've seen before include "Vertiginous; excessive" , "Sharply inclined" , "Soak; expensive (price)" , "not reasonable" , "pickle" .)