Eye of round steaks are best prepared either braised or in a slow cooker. Certified Angus Beef provides instructions on how to braise this cut of meat.
While eye of round steak is an economical cut of beef, it can also be tough and dry, so the Angus Beef website recommends braising it. To do this, preheat a thin layer of oil in a heavy-bottomed stock pot or Dutch oven over medium-high heat. Season the steak with salt and pepper, or any desired seasonings.
When the oil is heated so it shimmers, place the steak in the pot using tongs. Sear the meat on all sides, including the ends. Remove the steak from the pot, and set aside. Add cut celery, carrots and onions to the pot, letting them caramelize. Add a few tablespoons of tomato paste; cook two to three minutes, then add in red wine to deglaze the pan. Stir to loosen up any browned bits, and cook an additional two to three minutes.
Return the steak to the pot, on top of the vegetables. Add fresh herbs, such as thyme, and a bay leaf. Cover with beef broth or stock so that between 1/3 to 1/2 of the steak is submerged. Place a tight-fitting lid over the pot, and transfer to an oven pre-heated to 175 F. Cook for four to six hours until meat is tender, then serve.