Trim away fat from steak. Slice across the grain into 1/4-inch thick slices. Slice steak again across the grain for matchstick pieces of steak. Set aside.
Add 2 tablespoons of oil to a hot wok or large skillet over high heat. Add carrots and stir-fry for 2 minutes. Remove carrots and set aside.
Add enough oil to coat the bottom of the wok or skillet. Once hot, add beef strips and stir-fry for 8 to 10 minutes, or until beef is dark and crispy. Be careful as beef will splatter for the first 3 to 4 minutes while it loses its moisture.
Remove beef from skillet and drain out all oil, except for 1 tablespoon, if desired. Add scallions and stir-fry for 30 seconds. Add carrots and beef back to skillet. Stir-fry for another 30 seconds. Add stir-fry sauce, sherry, and chili-garlic sauce. Stir-fry for another 30 to 60 seconds. Garnish with green scallions and serve hot.