The following works for good cuts too, but REALLY helps cheap cuts. Yeah it's hearsay, to not eat Porter, Ribeye, etc, but not everyone can afford the prices on a consant basis...
For good steaks on the cheap, since although I love the expensive cuts, I hate the prices and reserve them for the more special occasions. I tend to buy a cheap cut like thick Chuck or 7 bone(yeah, I'm cheap on regular meals) . I then cover with pepper, dried garlic, and dried onion (or whatever pre-mix I have available), but NO salt. Salt just dries out the meat and since Soy sauce is salty, you don't need additional. Stick it in a ziplock and then coat with "dark" soy sauce (lighter ones like Kikkoman work, but not as flavorful) and just shake it in the bag.
I then throw it in the bottom of my fridge. The soy sauce will NOT let the meat spoil until after LONG time. I've had meat coated in soy sauce good for a week easily and it is still good. The cheap cut will also tenderize a LOT from the soy and aging. Soy sauce does not spoil, and in fact a previously opened soy sauce only gets better after time. It also seeps into the meat drawing theflavor of the spices too and adds TONS of flavor.
Let the meat come to room temp when you are ready. With a cast iron pan and the pan on highest heat, throw a slice of real butter in the middle of the pan. Just after the butter starts to goes from melted clear to brown, throw on the steak. It should start smoking like crazy.
Count to 40 and then flip the steak and count to 40 again (still smoking like crazy). Once the second thirty is done, turn down the heat (to where it is not smoking like crazy) to about 3/4 max heat and cook for about 3 minutes and then flip again and anoter 3 minutes (can vary depending on how well done you like it, but 3 min extra per side is rare to med rare).
This soy aging/cooking makes a "cheap" cut steak VERY flavorful and tender. I also like to do it to good cuts, but you don't need to age the meat like with a cheap cut. I have had people astonished that a cheap cut could taste so good.
This pure-pan method does not work as well if you like well-done. The soaked in soy sauce tends to burn "inside" the meat if you keep it on the "pan" until the center is well done. If you want med-well to well, then after the 40 second "burns", remove from pan and stick it in a pre-heated oven (350-400) and cook for another 10-20 minutes, to cook to the center.