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Make the Blue Cheese Butter: In a small mixing bowl, combine the butter, scallion, blue cheese, Worcestershire sauce, and pepper and beat with a wooden spoon. Cover and refrigerate if not using soon.
Make the marinade: In a small mixing bowl, whisk together the soy sauce, water, onion, garlic, red wine vinegar, oil, ketchup, Worcestershire sauce, pepper, and sugar.
Put the meat in a resealable plastic bag and pour the marinade over it. Refrigerate the meat for at least 6 hours, or even overnight.
When ready to cook, let the meat come to room temperature. Drain it, discarding the marinade, and pat dry with paper towels. Season with the Traeger Beef Rub.
When ready to cook, start the Traeger grill on Smoke with the lid open until the fire is established (4 to 5 minutes).
Lay the steak directly on the grill grate and smoke for 1 hour.
Transfer the meat to a platter. Increase the temperature of the grill to 400 degrees and preheat for 10 to 15 minutes. Return the meat to the grill grate and grill until the internal temperature in the thickest part is 130 degrees F when read on an instant-read meat thermometer, approximately 15 to 20 minutes.
Transfer to a cutting board. Let the meat rest for 3 minutes, then thinly slice on a diagonal. Serve with the Blue Cheese Butter. Enjoy!