Melt butter in a large cast iron or stainless steel deep skillet.
Add onions and saute until tender.
Add garlic and cook until fragrant and golden.
Remove onion and garlic from skillet and set them aside.
Season beef generously with salt, black pepper, garlic powder, onion powder, and oregano.
Heat the skillet over high heat and add the beef in a single layer.
Sear the outside just until brown and slightly crisp (this will only take a few minutes).
Remove beef from pan.
Pour 1/2 cup of beef broth into the hot pan to de-glaze the pan and loosen up all the stuck on pieces.
Stir in remaining broth,reserved onions and garlic, red pepper flakes, rosemary, oregano, thyme, sage and steak sauce.
Simmer for 10-15 minutes.
Add in the beef and bay leaf.
Cover and simmer for 60-90 minutes or until beef is cooked through and tender. (may need shorter or longer cooking time)
To thicken the gravy, remove 1 cup of broth from the pan and place in a bowl.
Add the cornstarch to the bowl and stir until smooth.
Pour the broth-cornstarch mixture back into the pan and stir.
Cover and simmer for 5-10 minutes until the broth has thickened.
Taste and add additional seasonings if desired.
Serve hot over rice.