My two favorite steaks: Expensive ribeyes and inexpensive flank steaks. Because I'm a cheap SOB, I cook flank steak a lot more than than I cook ribeye.
Ribeyes are expensive because they are very tender and because they are usually marbled with thin threads of fat which adds to the texture and flavor.
Flank steaks, sometimes called London Broil steaks, are cheaper because they have very little fat, and they can be chewy if you screw them up. I should point out that flank steaks used to be even cheaper than they are today, but more and more folks are discovering how good they are if they are cooked properly.
We're going to cook this baby hot and fast over direct heat.
Crusty Flank Steak Recipe
Yield. 8-12 servings Preparation time. 10 minutes Cooking time. 10-15 minutes Serve with. A big red wine like a Syrah (a.k.a. Shiraz) or a dark Belgian ale
4 pounds of flank steak
1/2 tablespoon vegetable oil
1/2 teaspoon salt
Cook extra. Leftovers make great cold steak sandwiches, but I love to toss thin cold slices on top of a fresh green salad with leftover grilled asparagus, zucchini, and peppers (at right). Top it with croutons and blue cheese dressing.
Do this
1) Start a 2-zone fire and get the hot zone as hot as possible. If you are using charcoal, here's a trick: Raise the coals so they are about 2" below the cooking grate. On a Weber Kettle, put a couple of bricks under the charcoal grate. We want high heat so we can take the surface to dark brown, almost but not quite charred.
2) Flank steak is usually wedge shaped. One end is a lot thicker than the other. When you cook it hot and fast one side is either overcooked or undercooked. So here's how to outsmart the steak. If your steak is more than 1/4" thicker at one end than the other, cut it in half and start the thick half first. If the skinny section finishes too fast you can move it to the indirect zone.
3) Here's another trick: Coat the meat lightly with vegetable oil, and sprinkle with salt. The oil almost fries the surface, making it crispy. Don't use butter, it burns and breaks down at the high heat we will be using. No pepper. It just burns over high heat.
4) Put the thick half on first, about 2 minutes ahead of the thin half. Leave the lid off. Cook about 4 minutes on the first side or until it gets dark brown and from the side you can see the color has changed about 1/4" up the side. Cook on the other side about 3 minutes. I like mine rare to medium rare, at about 125°F, which is where it is when the juices start to come through the surface. Use an instant read meat thermometer to be sure you get it right. Wear an oven mit and push it most of the way through and slowly back it out and read the lowest temp. The second side may not be as dark as the first side, but that's OK.
6) Place the meat on a cutting board, lay a pan or sheet of foil over it to keep it warm, and let it sit for about 10 minutes so the juices will be reabsorbed by the muscle fibers. Hold a thin blade at a 45 degree angle and cut 1/8" slices across the grain. This is very important. If you slice with the grain it will be much too chewy. You can easily see the grain in this picture of a partially cooked flank steak running from the top to the bottom of the picture. The end slices will be a bit overcooked, but the center will be beautiful. On a flank steak, the first cut will be a little overcooked. Not to worry, the center cuts will be just fine.
7) Serve the meat in a fan. I usually serve it nekkid, but occasionally I spoon a small amount of chimichurri sauce over the top. Not too much, it is strong, and we don't want to cover that great steak taste.
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Crusty Flank Steak
Cook extra. Leftovers make great cold steak sandwiches, but I love to toss thin cold slices on top of a fresh green salad with leftover grilled asparagus, zucchini, and peppers (at right). Top it with croutons and blue cheese dressing.
6) Place the meat on a cutting board, lay a pan or sheet of foil over it to keep it warm, and let it sit for about 10 minutes so the juices will be reabsorbed by the muscle fibers. Hold a thin blade at a 45 degree angle and cut 1/8" slices across the grain. This is very important. If you slice with the grain it will be much too chewy. You can easily see the grain in this picture of a partially cooked flank steak running from the top to the bottom of the picture. The end slices will be a bit overcooked, but the center will be beautiful. On a flank steak, the first cut will be a little overcooked. Not to worry, the center cuts will be just fine. 
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