Steer then give way finding large bend (5)
I believe the answer is:
'large bend' is the definition.
(large bend in a river)
'steer then give way' is the wordplay.
'steer' becomes 'ox' (a steer is a castrated ox).
'then' means one lot of letters go next to another.
'give way' becomes 'bow' (bow can mean to collapse or droop).
'finding' is the link.
(Other definitions for oxbow that I've seen before include "Horseshoe-shaped loop of river" , "Lake formed by a bend in a river" , "U-shaped curve in a stream" , "Horseshoe bend in a stream" , "Cut off river loop" .)