Prep the beef: In a bowl, toss beef with flour, seasoning salt, and black pepper until coated.
Brown it: Heat olive oil in a large pot over medium-high heat. Add beef in batches and sear until browned on all sides. Remove and set aside.
Build flavor: In the same pot, sauté onion and garlic for 2–3 minutes. Stir in tomato paste and thyme.
Simmer: Return beef to the pot, pour in broth, add carrots, potatoes, bay leaf, and Worcestershire sauce. Bring to a boil, then reduce heat and simmer 1½ to 2 hours, until beef is tender and the stew is thick and rich.
Finish: Remove bay leaf, taste, and adjust seasoning. Serve hot — perfect with crusty bread