Light a grill. In a medium saucepan, heat the 1/4 cup of oil. Add the shallots, garlic, ginger, crushed red pepper and cilantro and cook over moderate heat, stirring occasionally, until softened, about 7 minutes. Add the hoisin, soy sauce and chicken stock, raise the heat to moderately high and boil until thickened, about 5 minutes. Stir in the honey. Remove from the heat and stir in the butter until blended; keep warm.

Generously rub the steaks and onions with oil and season with salt and pepper. Grill the steaks over high heat for 4 minutes per side, or until nicely browned and medium-rare. Transfer the steaks to a carving board and let rest for 5 minutes. Grill the onions for 4 minutes per side, or until charred. Transfer the onions to a platter.

Thickly slice the steaks and arrange on the platter. Serve with the steak sauce.