Trim excess fat from steak; pound steak to 1/8-inch thickness; cut into 4- x 1-inch strips.
Combine eggs and water, beating well. Stir together flour, salt, and pepper. Dip steak strips in egg, and dredge in flour mixture.
Melt shortening in a large skillet. Brown steak fingers on both sides. Reduce heat; cover and simmer 15 minutes or until tender. Serve immediately.