This won't work. Together with fat, juice is released as well. As long as there is liquid water, temperature won't go over 100C so you're effectively boiling your meat and not browning it.
Searing your meat only goes at temperatures that are high enough to immediately evaporate any escaping liquid.
You mean, use a cast iron pan at high heat? Yeah that definitely works, it's standard practice in professional kitchens to do it like that.
But at low heat it will not. Or well, eventually your meat will brown, but first your steak will have boiled for a while so you'll never be able to serve your steak rare or medium rare.