In a bowl, mix the blue cheese, butter, and chives. Set aside. In a separate bowl, mix the black pepper, garlic salt, onion powder, and cayenne pepper.
Rub the steak with olive oil. Coat both sides of the meat with the spice mixture, and rub in by hand or press with a spatula.
Lightly oil the grill grate. Place meat on the grill, and cook 10 to 15 minutes per side, or to desired doneness. Grill to rare or medium rare for best flavor. Remove from grill, and slice lengthwise into thin strips. Top with a large dollop of blue cheese butter, and serve.