Fill a large skillet or sauté pan with about 1/4'' oil and set the heat to medium-high.
Whisk the buttermilk and egg together in a medium-size shallow bowl. Combine the flour, paprika, onion powder, and cayenne pepper in a similarly sized shallow bowl. Dip each steak in the buttermilk and egg mixture followed by the flour mixture and set aside on a large plate. Repeat with the other three steaks.
When the oil in the skillet reaches 350°-375°, carefully add the steaks and brown both sides, about 3 minutes per side. Reduce the heat to medium-low, cover the skillet, and let the steaks cook for about 8 minutes. Remove the lid and cook for 1 minute more. Set the steaks aside on a large paper-towel lined plate; keep warm.
To prepare the gravy, sprinkle the flour into the same skillet and cook until lightly browned, about 3 minutes. Slowly add the milk and cook, stirring constantly, until thickened. Season with salt and pepper, to taste, and immediately plate the steaks with a generous drizzle of gravy.
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