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Start the Traeger on Smoke with the lid open until the fire is established (4 to 5 minutes).
Combine the butter, Worcestershire sauce, and mustard and whisk until smooth. Brush on both sides of the steaks with a pastry brush. Season the steaks on both sides with Traeger Prime Rib Rub.
Arrange the steaks on the grill grate and smoke for 30 minutes. With tongs, transfer the steaks to a platter and increase the heat to High. Once again, brush the steaks with the butter-Worcestershire sauce mixture.
When the Traeger reaches the new temperature (400 to 450F), return the steaks to the grill grate and grill until cooked to your desired degree of doneness (135F for medium-rare), several minutes per side. Brush once more with the butter-Worcestershire sauce mixture.
Transfer the steaks with tongs to a platter or plates and let rest for 3 minutes before serving. If desired, cut the tenderloins and the strip steaks off the bones, thinly slice on a diagonal, and serve each diner some of each.
Recipes for grilling and smoking turkey, cooking grilled chicken, steak, bacon, brisket, salmon, vegetables and everything in between. Best smoked recipes for your grill.