Preheat your oven to 325° F.
Season the beef chunks with kosher salt and coarsely ground black pepper, then sprinkle flour over the beef and toss to coat evenly.
Heat olive oil in a Dutch oven over medium heat. Brown the beef chunks in batches for about 3-4 minutes until they have a nice crust, then transfer them to a plate once done.
Add chopped onions, minced garlic, and carrot chunks to the pot. Cook for 2-3 minutes, stirring frequently, until the vegetables begin to soften.
Stir in diced potatoes, beef broth, tomato paste, bay leaf, thyme, and Worcestershire sauce. Scrape any browned bits from the bottom of the pot for extra flavor.
Bring the mixture to a simmer, stirring well. Return the browned beef to the pot and mix everything together.
Cover the Dutch oven and transfer it to the preheated oven. Cook for 2 to 2.5 hours until the beef is fork-tender.
After cooking, remove the bay leaf and taste to season with additional salt and pepper if needed. Serve the stew warm.