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Combine thyme, garlic, oil, salt and pepper in a small bowl. Pat roast dry with paper towel and rub thyme mixture all over roast.
Place roast on rack in shallow roasting pan. Insert oven-safe meat thermometer into centre of roast. Place on middle rack of the oven. Oven-sear roast in preheated 450°F oven for 10 minutes.
Meanwhile, toss melted butter with onions, salt and pepper in a large bowl. Arrange evenly on large baking sheet. Transfer to oven on the rack above the roast in the top-third of oven.
Reduce heat to 275°F; roast, uncovered and stirring onions occasionally, for about 1¼ to 1¾ hours until onions are tender and roast is cooked to medium-rare, removing from oven when 5°F (3°C) below desired finished temperature (145°F/63°C for medium-rare, or 160°F/71°C for medium, or 170°F/77°C for well-done). NOTE: See ‘AVERAGE ROAST COOKING TIMES’ chart below for timing estimates for all types and sizes of beef roasts.
Transfer roast to a cutting board, cover with foil and let rest for 15 minutes. Set Caramelized Onions aside.
Meanwhile, melt butter in roasting pan over medium heat. Sprinkle with flour; cook, stirring for 2 to 3 minutes or until smooth. Gradually whisk in red wine; bring to a boil, stirring and scraping up any browned bits from pan. Stir in broth, Worcestershire sauce, thyme sprigs and bay leaves; bring back to a boil. Stir in Caramelized Onions and reduce heat to medium-low. Simmer, stirring occasionally, for 10 to 15 minutes or until sauce is thickened and flavours are blended. Remove thyme sprigs and bay leaves; discard. Stir in chives.
Carve roast across the grain into thin slices.
Place bread slices on a foil-lined baking sheet. Broil for 1 to 2 minutes per side or until golden and toasted. Spread butter on bread slices and top each with 2 cheese slices. Broil for 1 minute or until cheese starts to melt.
Place each slice of bread in a shallow bowl or pasta plate. Top with sliced beef and top with gravy.