Prepare the Onions: In a skillet over medium heat, melt butter and add sliced onions. Sprinkle with sugar and cook, stirring occasionally, until onions are caramelized (about 20 minutes). Add beef broth for extra flavor, if desired, and set aside.
Cook the Steaks: Season ribeye steaks generously with salt and pepper. In a cast-iron skillet over medium-high heat, heat olive oil and butter. Add garlic cloves and thyme, then place steaks in the skillet. Sear each side for 3-4 minutes or until cooked to your preference. Let rest for a few minutes before serving.
Make the Fries: Heat vegetable oil in a deep fryer or heavy pot to 350°F (175°C). Fry potato strips in batches until golden brown and crispy, about 5-6 minutes per batch. Drain on paper towels and season with salt.
Serve: Plate the steak with caramelized onions on top, and serve with a side of crispy French fries. Enjoy!