For the steaks: Bring steaks to room temperature. Heat oil in frying pan over medium low heat. Season steaks with salt & pepper on both sides. Put flour in one pie plate close to skillet. Season flour with salt & pepper, onion powder, garlic powder and paprika, and mix well. In other pie plate mix eggs, milk and season with salt & pepper. Dredge steak first in flour mixture, then into egg mixture, then back into flour mixture again, making sure to evenly coat each time. Gently lay steak in frying pan and fry until dark golden brown on bottom, then flip using tongs so as not to dislodge breading. This should take about 7 minutes per side, depending on size of steak. Drain on paper towels and serve immediately.
For the gravy: In a clean skillet or sauce pan, on medium low heat, melt butter. Add flour and mix well with a fork or a whisk. It should be the consistency of wet sand. Cook for a couple of minutes til it looks kind of frothy. Do not let it brown as this is a white gravy. (It doesn't hurt it if you do, but it won't look as pretty.) Slowly, a little at a time while constantly whisking, add in your milk. Add milk and continue whisking until gravy is smooth and thickens to desired consistency. Season with salt and HEAVY pepper. Serve over steak and mashed potatoes.