The beef shank is the leg portion of a steer or heifer.
In the UK, the corresponding cuts of beef are the shin (the foreshank), and the leg (the hindshank).
Due to the constant use of this muscle by the animal, it tends to be tough, dry, and sinewy, so is best when cooked for a long time in moist heat.
However, if found in retail, it is very cheap and a low-cost ingredient for beef stock.
[1] In Australia, it is commonly sold from butchers as gravy beef for bone-less shanks or as osso buco with bone-in.