The hanger steak is cut from the plate section right under the rib primal with a higher fat content. This same region of the beef is where short ribs and ground beef come from. This is also from where the skirt steak is cut.
This steak is best grilled or it can be pan sauteed but it should be cooked quickly to keep it from drying out and getting tough. Cook until the steak is rare to medium rare. This cut does benefit from being marinated. The marinade with impart flavor and help the steak to retain moisture.
Buther's Steak - Hanger Steak - The steak is seared in a skillet with clarified butter then a pan sauce is prepared with chicken broth, balsamic vinegar, and butter.
Montreal Style Hanger Steak - Steaks are coated with Montreal Style Seasoning then cooked in a cast iron skillet. The steaks are served with sweet potato fries and a quick sauce made with yogurt, blue cheese, and chives.