A cut, when used as a noun, is the name given to a particular section of a meat animal, once it has been processed by a butcher.
When animals are first slaughtered, the carcass is typical split into a small number of primal cuts, which in modern practice are then vacuum sealed. These primal cuts are what are shipped to the butcher, who then makes sub-primal cuts to produce steaks and chops for sale to consumers.