The most common and most likely answer to this crossword clue is the 7 letter word RESIGNS
I've seen this crossword clue in The Daily Telegraph
R
E
S
I
G
N
S
More clues leading to the result RESIGNS
- Leaves job, or extends contract?
- Once again, accepts contract’s terms and quits
- Concedes defeat over board rules limiting close of business
- Rules over Sweden, then quits
- Singer misbehaves — soprano quits
- Gives up in seconds, breaking rules
- Gives up concerning omens
- Steps down, concerned with omens
- Skinhead breaks rules, drops out
- Gives in and walks out
Buddy explains!

The straight part
We know that "Steps down" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case steps down = resigns.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RESIGNS mean?
RESIGNS verb- To sign again; to provide one's signature again.
- (by extension) To sign a contract renewing or restarting a professional relationship, such as that of a professional athlete with a sports team.
- To give up; to relinquish ownership of.
- To hand over (something to someone), place into the care or control of another.
- To quit (a job or position).
- To submit passively; to give up as hopeless or inevitable.