Take two bowls, one for the flour, salt, pepper and onion powder, mix well. The other for egg and buttermilk.
Add oil to large skillet on medium-high heat. Once oil starts to ripples, take steak, dredge through buttermilk then flour, add to skillet, repeat other pieces of meat. (Save the flour for gravy.) Turn heat to medium and cook for 6-8 minutes or until meat turns brown. Turn over and cook 6-8 minutes or until meat is brown, take out of skillet.
Turn heat to high and add onion to skillet and saute for 1 minute. Add saved flour and stir until flour is medium brown, add water, stir until gravy is thick.
Take off heat, and pour into bowl. Serve over steaks.