Combine 1/2 cup molasses, 1/4 cup mustard, and 1 tablespoon olive oil in a shallow dish or large zip-top plastic freezer bag. Add steaks; cover or seal, and chill at least 2 hours, turning occasionally. Remove steaks from marinade, discarding marinade. Sprinkle steaks evenly with salt and pepper.
Grill, covered with grill lid, over medium-high heat (350° to 400°) 5 to 7 minutes on each side or to desired degree of doneness.
We love this on rib-eyes, fillets, and any type of steak. We like it so much that I'm using this marinade on black angus fillets for a large dinner gathering tonight! I highly recommend it; and know that folks love the "gravy" that comes from the steaks with this marinade.
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