Place a large pan or Dutch oven over medium heat. Add 1 tablespoon of oil and the minced garlic. Cook for 1 minute or until fragrant.
Add sliced onions and sauté for about 5 minutes until soft and slightly browned. Transfer to a plate and set aside.
Pat dry the eye of round steaks with paper towels to remove excess moisture.
Season the steak with dried thyme, salt, and pepper. Then dust lightly with flour.
Turn your pan to medium-high, add another 1 tablespoon of oil. Once hot, add steaks and sear for 1-2 minutes PER SIDE until nicely browned.
Pour in balsamic vinegar and beef broth, together with the sautéed onion.
Add honey, onion powder, paprika and ginger powder.
Cook for 2-3 minutes or until it comes to a boil. Reduce the heat to low and cover with a tight-fitting lid.
Simmer for 2-2.5 hours or until the meat is fork-tender. Make sure to check periodically through and replenish the liquid. (To replenish: Add water to come halfway up the meat, turn up the heat and bring to boil. Then reduce to low and keep simmering)
Serve immediately and drizzle the sauce on top. (For a thicker gravy, remove the meat and vegetables with a slotted spoon. Mix 1/2 tablespoon of cornstarch and 1 tablespoon of water. Turn the heat to medium-high, add the mixture to the sauce and bring it to a boil. Lower the heat and simmer for a few minutes until thick).