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Bring about 1 inch of water to a boil in a large saucepan fitted with a steamer basket. Add beets, cover and steam until tender, 15 to 20 minutes.
Combine vinegar, water, butter, sugar, salt and pepper in a large skillet. Cook over medium heat until the butter is melted and the mixture starts to bubble. Add the beets and cook, stirring often, until most of the liquid has evaporated and the beets are glazed, 2 to 5 minutes. Top with pecans.