Blend flour, salt and chili powder well and place in pie pan. Dredge meat in the flour mixture. You should use about half of the mixture. (You can discard the rest; however, it is necessary to have this amount to make dredging practical.) Place oil in a heavy frying pan and heat to frying temperature over moderate heat. Add meat and brown on both sides. Transfer steaks to a 1 1/2 quart casserole. Fry peppers and onions over moderate heat in the pan in which the meat was browned, stirring frequently. Remove vegetables with a slotted spoon and spread over meat. Pour out any remaining fat. Add beef broth to frying pan and cook and stir over moderate heat to absorb and brown particles remaining in the pan. Add remaining ingredients to broth. Mix well and pour over meat. Stir the meat and vegetables lightly with a fork to distribute the broth and vegetables. Cover tightly and bake at 325 degrees for about 1-1 1/2 hours or until the meat is tender.
Serve 1 piece of steak with some of the sauce per serving.