Sprinkle both sides of the steak with the salt, cayenne, and black pepper. Rub seasoning into meat. In a large skillet, heat oil over high heat until hot. Add steak and cook on high until browned, turning steak every 3 to 4 minutes. (Lower heat if necessary.) The steak should be well browned on both sides. Remove steak and add onions and bell peppers to pan. Cook until wilted. Place steak on top of onions and bell peppers and add 1/4 cup of water. Lower heat to medium, cover and simmer for 1 1/2 hours, turning steak every 20 minutes. (Note: when lifting lid of pot, let the water from the lid drain into the pot.) When steak is tender, remove steak and place on a platter. Mix cornstarch with 1/4 cup of water and add to the pot. Stir to make a gravy. Serve gravy over hot rice with steak.
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