Multicolored-Pepper Steaks With Balsamic Onions

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2 tablespoons butter

2 tablespoons olive oil

2 sweet onions (1 1/2 lb. total), such as Walla Walla, Vidalia, or Maui, peeled and slivered lengthwise

About 1/2 teaspoon salt

1/2 teaspoon sugar

2 tablespoons balsamic vinegar

1 tablespoon fresh thyme leaves

4 boned tender beef steaks (each 1 to 1 1/2 in. thick and 9 to 12 oz.), such as top loin (New York strip) or rib eye

1/4 cup fresh-cracked multicolored peppercorns (see notes)

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