Arrange the oven racks in the upper and lower thirds of the oven and preheat the oven to 375 degrees . Line 2 baking sheets with foil and arrange the rib racks, meaty side up.
Stir together the chili powder, salt and pepper and rub the mixture all over the ribs. Cover the ribs snugly with foil and bake on the upper shelf of the oven for 30 minutes, then move the ribs to the lower shelf and bake for 30 minutes more. Remove the foil and bake the ribs until fork-tender, 15 to 20 minutes more.
In a small saucepan, combine the jam, ketchup, steak sauce and vinegar. Cook over medium heat, stirring often, until the glaze comes to a boil, about 5 minutes. Remove from the heat and stir in the hot sauce.
Preheat the broiler. Pour off any melted fat from the baking sheets to prevent flare-ups. Brush the glaze on the ribs and broil 6 to 8 inches from the heat source until crisp, about 2 minutes. Slice the racks into individual ribs.