Heat an iron skillet (or other oven safe skillet) over high heat until it is very hot. While it heats, rub butter or oil over the steaks, and sprinkle garlic powder, onion powder, salt and pepper evenly over both sides.
Place steaks in hot pan and cook about 2 minutes per side, just to sear the outside.
Turn off burner, and carefully transfer hot skillet to oven. Reduce oven temperature to 200 degrees F. Bake for 5 minutes, then carefully flip steaks over and continue baking until internal temperature reaches 140 degrees F for rare or 145 degrees for medium rare.
Remove steaks to a plate to rest for 5-10 minutes before serving.