1Remove fat from beef. Between pieces of plastic wrap or waxed paper, place beef; pound with meat mallet or rolling pin to tenderize. Cut beef into 4 serving pieces.
2In small bowl, beat ketchup, water and soy sauce with wire whisk until blended; set aside.
3Spray 10-inch skillet with cooking spray; heat over medium-high heat. Cook beef in skillet 3 minutes, turning once. Add bell pepper and onion. Stir in ketchup mixture; reduce heat to low. Cover and simmer 12 minutes. Remove beef from skillet; keep warm.
4Stir ground pepper into sauce in skillet; heat to boiling. Boil 2 minutes, stirring frequently, until sauce is slightly thickened. Serve sauce over beef.