der Laufsteg
catwalk
A narrow, raised platform on which models present designers' clothing at a fashion show.
Das berühmte Model schritt elegant über den Laufsteg in Paris.
The famous model walked elegantly down the catwalk in Paris.

catwalk / walkway
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catwalk
A narrow, raised platform on which models present designers' clothing at a fashion show.
Das berühmte Model schritt elegant über den Laufsteg in Paris.
The famous model walked elegantly down the catwalk in Paris.

'Laufsteg' is made up of 'Lauf' (from 'laufen', to walk/run) and 'Steg' (a narrow, small bridge). So it literally describes a walkway that one walks on, which fits both meanings.
Vorsichtig ging er über den eisigen Laufsteg zum Boot.
He carefully walked across the icy walkway to the boat.
You can easily tell which meaning is intended from the context. Words like 'Model' (model), 'Mode' (fashion), or 'Designer' (designer) point to the fashion show meaning. Terms like 'Techniker' (technician), 'Baustelle' (construction site), or 'Fabrik' (factory) point to the technical access walkway.
Die neue Kollektion wurde auf dem Laufsteg in Mailand präsentiert.
The new collection was presented on the catwalk in Milan.
In a fashion context, 'Laufsteg' is often used with the preposition 'auf' (on). Typical phrases are 'auf dem Laufsteg gehen' (to walk on the catwalk), 'Mode auf dem Laufsteg präsentieren' (to present fashion on the catwalk), or 'ein Star auf dem Laufsteg sein' (to be a star on the catwalk).
Sie träumt davon, eines Tages als Model auf dem Laufsteg zu arbeiten.
She dreams of working as a model on the catwalk one day.
bridge
'die Brücke' and 'der Laufsteg' can both be a path used to cross an obstacle or reach a specific area. 'Brücke' is the general word for a structure over a river, road, or valley. 'Laufsteg' more often means a narrow walkway, often raised, in special areas such as a construction site, a ship, a technical facility, or a theater. Learners may confuse the words because a 'Laufsteg' can look like a small or narrow bridge. For normal traffic routes, people usually say 'Brücke'. For a narrow access path in a facility, 'Laufsteg' is more precise.

Der Techniker ging über den schmalen Laufsteg zur Maschine.
The technician walked across the narrow walkway to the machine.
Über die neue Brücke kommen die Radfahrer schneller in die Innenstadt.
Cyclists can get to the city center faster over the new bridge.