In a small bowl, add the mustard, tomato paste, and cream. Stir to combine until smooth and set aside.

In a skillet over medium-high heat, add the butter and olive oil. When the foam begins to subside, add the ham steaks and brown each side (about 1 to 2 minutes per side). Add the shallots, Madeira, stock and cover the pan. Simmer for 5 minutes over low heat.

Remove the ham to a plate and cover with foil to keep warm. Bring the Madeira mixture to a boil and reduce it down until it is thickened as the consistency of a syrup (will be darker in color also). Add the cream mixture and stir to combine. Bring to a simmer and cook for 2 to 3 minutes. Return the ham steaks to the pan. Baste the ham with the sauce. Continue to simmer for a few minutes to slightly thicken the sauce. Remove the ham to hot plates or a platter and spoon some of the sauce over it. Serve warm with remaining sauce on the side.