In small saucepan, whisk together all sauce ingredients with ¼ cup water.
Simmer over low heat for 10 minutes, stirring occasionally. Allow sugar to fully dissolve. Set aside.
Combine all rub ingredients, mix well. Rub onto both sides of steaks.
Lightly brush or spray both sides of steaks with olive oil. Place steaks on grill over high heat for 10 to 12 minutes or until meat reaches 145°F on internal meat thermometer for medium doneness. Turn once.
Remove from grill and let sit for 5 minutes. Serve steaks with sauce on side.
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