Preheat the oven to 300-degrees.
If using round steak, use a meat tenderizer on each piece of steak until they’re thinned out. This will keep them from getting dried out and chewy.
Prepare one shallow dish with flour, cayenne pepper, onion powder, garlic powder, salt and pepper, and another with eggs. Be sure to whisk the eggs to combine the yolks and whites.
Season both sides of the steak with salt and pepper (be generous with the pepper – this spice helps bring out the spicy bite that chicken fried steak is known for!).
Dredge steaks, one at a time, in flour, then in the egg mixture, and again in the flour mixture, coating thoroughly with each. Place each steak on a plate and allow them to sit for about 10 minutes.
Pour enough oil in the bottom of a skillet to cover the bottom. Heat over medium-high heat.
Place two steaks in the heated skillet at a time, allowing 4 to 5 minutes on each side, or until golden brown and crisp. Flip them to the other side and repeat for all steaks.
Place the steaks in the oven for about 10 minutes, or until they’re browned and cooked through.
To make the gravy, add the extra olive oil to the heated pan and whisk in flour, stirring constantly.
Once the mixture bubbles, slowly pour in chicken broth. Whisk together thoroughly and then slowly pour in milk, stirring consistently.
Allow the mixture to bubble again, stir, and switch the temperature to low to simmer for at least 5 minutes, or until gravy thickens. Serve gravy over steaks.