Cut the meat into thirds. Marinate the meat with the olive oil, salt, and pepper for 2 hours.
Slice your onion so you have nice long pieces. This can be accomplished by first cutting the onion in half (after you've peeled it) and then slicing it parallel to the grain of the onion one time through.
Set your onions onto a baking sheet and toss them in a little bit of oil.
Get your grill nice and hot, it's critical for your grill to be at the right temperature to cook this steak.
Put your baking sheet with the onions onto the grill. You should see them starting to sizzle almost immediately. Once they start sizzling move them onto your top rack and allow them to cook a little longer there. You want to cook them just enough to get the sharp bite of the onion flavor out of the onions. You want to maintain the crispness of the onions and the underlying savory flavor.
Set your steak onto the grill, cook each side for about 3-5 minutes depending on how rare you like it. Take it off the grill and let it sit for about 5-10 minutes, this will allow all the juices to be retained inside the meat. If you cut your meat immediately after you take it off the grill, you will lose a lot of the juice from the meat.
Now cut your meat against the grain in nice slices and plate.
You don't really need any sort of sauce for this but if you want one, I always like A1 or a nice creamy horseradish sauce.
Enjoy!