devaluation vs step-down

devaluation and step-down both are nouns.

Word	Noun	Adjective	Verb	Adverb
devaluation	Yes	No	No	No
step-down	Yes	No	No	No

As nouns, step-down is a hypernym of devaluation; that is, step-down is a word with a broader meaning than devaluation:

Other hypernyms of devaluation include decrease, diminution, reduction.

devaluation (noun)	step-down (noun)
the reduction of something's value or worth	the act of decreasing or reducing something
an official lowering of a nation's currency; a decrease in the value of a country's currency relative to that of foreign countries