Sprinkle steak very generously with coarsely ground pepper and salt. Heat olive oil in large nonstick skillet over medium-high heat. Add steak, cook to desired doneness, about 4 minutes per side for medium-rare. Transfer steak to platter.
Add pomegranate juice, golden brown sugar, and balsamic vinegar to skillet; boil until reduced to ¼ cup glaze, stirring occasionally, about 5 minutes. Season glaze to taste with salt.