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Combine rosemary, thyme, salt and pepper in a small bowl. Pat steaks dry with paper towel and rub all over with herb mixture.
Melt butter over medium-high heat in a 9-inch (23 cm) cast-iron or heavy-bottomed stainless skillet. Add steaks and cook for 4 to 6 minutes, turning once or until browned on both sides. Transfer steaks to a rack on a foil-lined rimmed baking sheet. Set skillet aside to make the sauce.
Cook steaks in preheated 400°F (200°C) oven for 6 to 8 minutes or until a digital instant-read thermometer inserted sideways into centre of steak reads 145°F (63°C) for medium-rare doneness at the least (or 160°F/71°C for medium, or 170°F/77°C for well-done).
Transfer steaks to a cutting board and let rest for 5 minutes.
Buttery Port Pan Sauce: Meanwhile, set reserved skillet over medium heat. Add shallots and cook, stirring often, for 1 to 2 minutes or until starting to soften. Pour in port; bring to a boil. Boil for 5 to 8 minutes or until reduced by half. Stir in cranberry sauce and mustard; return to a boil. Boil, stirring, for 2 to 3 minutes or until sauce is thickened to syrupy consistency. Remove from heat.
Add butter to sauce, one cube at a time, stirring until each piece melts before adding the next.
Carve meat from bone, then across the grain into slices. Serve with Buttery Port Pan Sauce.