That used to be my preferred method of steak-cooking until I found Alain Passard's "butter steak" method. For example:
Heat a pan to MEDIUM heat and no higher.
Put the steak in the pan on its side, fat facing the pan. You'll have to hold it up, until a good amount of beef fat renders, ~5 min. Next place the steak flat, and cook for ~6 minutes. Flip, cook more, ~3 minutes.
By this time a lot of beef fat will have ended up rendering out. Take out the steak, and pour off the fat. Replace with 2 tbsp of butter, salt and pepper both sides of the steak, and cook one side ~5 min an then the other ~3 min. Rest for ~10 minutes.
This only works with steaks 1.5-2" thick.