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Season sliced steak with salt and pepper. Toss steak in cornstarch until fully and evenly coated. Set aside.
Place a large skillet over medium-high heat and add 1 tablespoons oil. Add garlic and ginger and saute for 1 minutes. Add soy sauce, water and sugar and bring to a boil until sugar dissolves, about 2 minutes.
Pour sauce into a liquid measuring cup and set aside.
Place skillet back over heat and add remaining oil. Add steak and sear until evenly browned on both sides, 1 to 2 minutes per side.
Pour sauce back into skillet and toss together with meat. Allow sauce to thicken, 1 to 2 minutes.
Toss in green onion and continue to cook for 1 more minute until sauce is thick enough to coat the back of a wooden spoon.
Pour Mongolian beef over steamed rice and serve.