Boil beef in water, soy sauce, bay leaves and peppercorns in a pressure cooker for 20 minutes or until tender. Remove meat and cool. (Refrigerate if desired to make meat firm for slicing.)
Slice meat crosswise, 1/2 inch thick. Set aside. In a saucepan, heat butter and stir in onions until transparent. Add the beef slices. Pour the cream of mushroom soup and the beef broth.
Let boil and lower heat to simmer until thick. Season with salt, pepper and sugar. Adjust seasonings to taste. Add the button mushrooms and serve hot.