To run a UK 240v appliance on 120v in the US, you need to step the voltage down. (240 is greater than 120)
As Paul and geeta have correctly said, it is step up.
The mains voltage out of the wall is 120V, but the stereo will only run on an input voltage of 240V, therefore the 120V coming out of the wall has to be increased to 240V in order for the stereo to work (step up converter).
You don't reduce the appliance voltage to fit the US mains, you increase the US mains to fit the appliance voltage. And in the UK, you have to reduce the mains (240V) to fit the appliance (120V) - which is a step down converter.