About 5 or 6 minutes for onions and mushrooms, you want to get them soft. And yes the same pan as the steak is fine.
For a nice caramelised red onion chop them into a bowl, add a tablespoon of balsamic vinegar and a teaspoon or so of brown sugar. Mix and coat the onions in that then fry them on a very low heat for about 15-20 minutes stirring occasionally.
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Always cook onions for 3x longer than a recipe tells you unless the figure looks high - every recipe writer or editor out there is scared to admit how long it takes onions to soften and then caramelise if doing that
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Same pan is fine, but you want to cook steak fast and hot, and onions low and slow. Either do the onions first and then leave them in a warm place until the steak is done, or do the steak first and leave it rest while you do the onions.
