Step 1: Set up your grill for direct grilling and preheat to high. Brush and oil the grill grate.

Step 2: Generously season the steak(s) with salt and pepper on both sides. Drizzle with olive oil on both sides, rubbing the oil and seasonings into the meat.

Step 3: Arrange the steak on the grill running diagonal to the bars of the grate. Grill until crusty, brown, and cooked to taste, 3 to 4 minutes per side for medium-rare, giving the steak a quarter turn after 1-1/2 minutes to lay on a crosshatch of grill marks. (Note: because hanger steak is fibrous, it will taste best served rare to medium-rare.)

Step 4: Transfer the hanger steak to a platter and keep warm.

Step 5: Meanwhile, make the sauce: Melt 1 tablespoon butter in a saucepan over medium-high heat. Add the shallots and cook until lightly browned, 2 minutes, stirring with a whisk. Whisk in the wine and boil until reduced to 2 tablespoons. Whisk in the cream and boil until reduced by half. Whisk in the mustard. Whisk in the remaining 2 tablespoons butter and add salt and pepper to taste: the sauce should be highly seasoned. Spoon the sauce over the hanger steak and serve at once.