HEAT oil in large saucepan on medium-high heat. Add steak, in batches; cook and stir until browned. Return all steak to saucepan.
ADD onion; cook and stir until crisp-tender. Add tomatoes with their liquid and the chili powder; mix well. Bring to boil; reduce heat to medium-low. Cover.
SIMMER 1-1/2 hours, stirring occasionally and adding the steak sauce during the last 5 minutes of the cooking time. Serve with crackers.
