For the steaks: On a plate, sprinkle the steaks on both sides with salt and pepper, and drizzle with the olive oil. Lay out enough plastic wrap to cover each steak. Tightly wrap the steaks individually with a piece of rosemary on both sides of each steak. Rest at room temperature 2 hours.
For the butter: In the meantime, in a medium saucepan over medium-low heat, melt the butter together with the paprika and 1 teaspoon salt. Stir to dissolve the salt, then add the rosemary and garlic. Continue cooking on low until the butter is fragrant, 10 to 12 minutes. If the butter begins to brown, turn the heat down. Remove from the heat, discard the rosemary and skim off any foam. Pour into a container and refrigerate until solid.
Preheat a grill or grill pan to high heat. Remove the steaks from the plastic wrap and discard the rosemary. Place the steaks on the grill and cook until the internal temperature reaches 125 degrees F, about 5 minutes per side. Transfer the steaks to a serving platter and top each with a generous scoop of the compound butter. Loosely cover the steaks with a foil tent and allow to rest for 10 minutes, so the carryover cooking brings the final internal temperature up to 130 degrees F (medium rare, closer to rare) before serving.
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