Finely chop all peppercorns in processor. Rub pepper mixture over both sides of each steak. (Can be prepared 4 hours ahead. Cover and refrigerate.)
Heat oil in heavy medium skillet over high heat. Season steaks with salt. Add to skillet and cook to desired doneness, about 2 minutes per side for medium-rare. Transfer steaks to plate; tent with foil. Add Port, shallots and ginger to same skillet; boil until liquid is reduced to thin syrup, stirring frequently, about 5 minutes. Strain sauce into bowl, pressing on solids and spoon. Return sauce to same skillet; boil until thick syrup forms, about 2 minutes. Whisk in butter; season with salt. Spoon sauce around steaks.
