Hanger steak is also known as "butcher's tenderloin" because traditionally butchers saved this full-flavored but unattractive-looking cut for themselves. It "hangs" between the rib cage and the loin cage, which explains its name. All hanger steaks are approximately the same size and weight. In recent years, it has become popular with chefs and steak lovers, and once you try one, you will understand why. Hanger steak needs no fancy preparation, just a brushing of oil and a little salt and pepper. You probably will not find hanger steaks in the meat section of the supermarket, but ask a good butcher for one, making sure it is Prime or Choice beef. Hanger steak also makes great hamburgers. It's best to remove the center vein, which runs lengthwise down the center of the steak. This leaves the steak in two pieces, neither of uniform thickness, which can make uniform grilling tricky—but well worth the effort.
Prepare a charcoal or gas grill. Lightly spray the grill rack with vegetable oil cooking spray. The coals should be moderately hot to hot.
Brush the steak with olive oil and sprinkle on both sides with salt and pepper. Gently press the salt and pepper into the meat.
Sear the meat for about 1 minute on each side and then grill for 12 to 15 minutes, depending on the thickness of the steak. If the thin end of steak cooks before the fatter end is done, position the steak so that the thin end is on the edge of the grill. Turn the steak frequently during grilling. Let it rest for about 5 minutes before slicing.