Cut in small wood (5)
I believe the answer is:
'cut' is the definition.
(steak is a kind of cut)
'small wood' is the wordplay.
'small' becomes 's' (abbreviation - e.g. clothes size).
'wood' becomes 'teak' (teak is a kind of wood).
'in' acts as a link.
(Other definitions for steak that I've seen before include "Good beef" , "Thick slice of meat" , "Getting cut" , "Slice of meat or fish" , "High-quality cut of beef" .)