Roasted Beef with Caramelized Shallots

INGREGIENTS
5-¾ pounds boneless ribeye roast (with fat), tied, if desired
Coarse salt and ground pepper
2 pounds shallots, peeled and halved
2 teaspoons light-brown sugar
2 teaspoons balsamic vinegar
1 cup dry red wine
2 tablespoons Dijon mustard

INSTRUCTIONS
Preheat oven to 500°. Season beef with salt and pepper. Place in a large roasting pan; roast until golden brown, 30 minutes.

Reduce oven temperature to 325°. Place shallots around beef; roast until an instant-read thermometer inserted into thickest part of beef registers 130° for medium-rare, 1 to 1 1/4 hours more, turning shallots with tongs after about 30 minutes.

Transfer beef to a platter; tent loosely with foil. Transfer shallots to a shallow bowl (continue cooking if not golden brown). Toss with sugar and vinegar; season with salt and pepper. Cover with foil to keep warm.

Pour off fat from pan. Add wine; cook over medium heat until syrupy, scraping bottom of pan, 2 to 4 minutes. Add 2 cups water; cook until reduced by half, 4 to 8 minutes. Strain into a small bowl; whisk in mustard and any accumulated juices from beef. Season with salt and pepper; serve with beef and shallots.