Prepare your braai for direct cooking over high heat (230C-290C). Brush the cooking grates clean.

Heat the Olive in large frying pan over a stove and add the onions. Reduce to a medium flame cover with a lid. Cook for 10 minutes, turning occasionally, until the onions are a deep golden brown and slightly caramelized.

Add the wine, stock, vinegar, sugar, bay leaf, thyme, salt and pepper to the onions. Simmer until the liquid is reduced to more than a half and the onions are tender when pierced with a fork - about 15-20 minutes. This helps concentrate the flavours. Remove from heat and set aside.

Allow the steaks to stand at room temperature for 30 minutes before cooking. Brush the oil onto both sides of the steaks and then season evenly with salt and pepper.

Braai the steaks over direct high heat with the lid closed, until well marked on both sides, about 8 minutes total, turning once. Move the steaks over indirect heat and continue to cook, with the lid closed, to your desired doneness, 6-8 minutes for medium rare (51C). Remove the steaks and let rest 3-5 minutes.

Meanwhile rewarm the shallots until the liquid is syrupy, 1-3 minutes. Adjust seasoning and remove from heat. Remove the bay leaf. Cut the meat off the bone and then thinly slice across the grain. Serve with the shallots.