Blend softened 1 stick unsalted butter with all ingredients (¼ tsp garlic powder, ¼ tsp onion powder, ¼ tsp salt, ¼ tsp black pepper, ¼ tsp paprika, ¼ tsp chili powder, ¼ tsp dill, ¼ tsp thyme) until evenly mixed.
Remold butter into a stick form or press into a container and refrigerate until ready to use.
Grilled Steak
Take 4 ¾ inch thick steaks out of the refrigerator and let them return to room temperature.
Heat an oven safe skillet, if possible, with raised grill bottom on high heat. Preheat oven to 400 °F.
Sprinkle a little salt and pepper on top of each steak and sear steaks on one side for 1-2 minutes. Add one tablespoon of compound butter to pan.
Flip steaks over and baste the top of the steak with the melted butter in pan with large spoon. Sear for another 30-40 seconds.
Place entire pan in the oven to finish steaks off. How long you keep steaks in the oven is determined by how rare you want them to turn out. For medium rare, I typically keep them in the oven for 5-6 minutes. Look above for steak temperature chart to help.