Trim off the pale, woody ends, approximately 2 to 3 inches. Discard the ends or save them for making soup stock.
Place a large sauté pan with a lid over high heat. Add about an inch of water to the pan. Place a collapsible steamer basket, or similar, inside the pan. As soon as the water boils, lay the asparagus inside the steamer basket. Place the lid on the pan and cook until just tender, but still green and crisp, approximately 3 to 4 minutes.
Transfer the asparagus to a serving platter. Drizzle with olive oil and season with salt and pepper. Serve with lemon wedges on the side for those who want to squeeze the juice over the spears.