Euphemism for a Blow Job. Because getting a BJ is as good as getting steak dinner.

When you eat dirt for the first time and leave your family to build a shack in the woods

A college student confided to his class that "when I take a girl out for a steak dinner, I expect her to take it in the ass."

The most common context is in a business setting when one party is trying to take advantage of another (i.e. "These guys are trying to buy us a steak dinner - they expect us to take it in the ass on that (negotiating) point.")

Sex Fun: A girl cooks her guy a 'Steak Dinner' and then they both go in front of a TV and she takes it doggy style while he eats the 'Steak Dinner' off of her back, using her as his table, while watching whatever he wants, usually sports.