Preheat grill or side burner. Heat oil in a medium skillet add shallots and garlic and cook until soft, let cool slightly. Place butter in a small bowl and add shallot mixture, Worcestershire, mustard and chives and mix until combined. Season with salt and pepper to taste. Scrape mixture into the center of a piece of waxed paper and roll into a log. Refrigerate until firm.
Preheat grill. Mix the peppercorns and ancho chile powder in a medium baking dish. Brush steaks with olive oil and season with salt. Dredge one side of the steaks in the pepper mixture and grill, pepper side down, until golden brown, about 5 to 6 minutes, turn over and continue grilling 6 to 7 minutes for medium-rare doneness. Remove from the grill and top with a slice of the butter.