The Hanger Steak or Hanging Tenderloin as it is also known, is the thick strip of meat that is located on the underside of the carcass and hangs between the last rib and the loin. It is actually part of the diaphragm. Like the skirt steak, the Hanger Steak is very flavorful and can be prepared with almost any type of cooking method, but it should be marinated first if using a dry heat cooking method such as grilling or broiling. Grainy in texture, this cut should be thinly sliced against the grain when ready to serve. The Hanger Steak is also known by the following names: Hanging Tenderloin, Hanging Tender and Butcher's Steak.