Heat olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Season the beef cubes with salt and black pepper.
Add the beef to the pot in a single layer and brown on all sides, about 5-7 minutes. Remove the beef and set aside.
Reduce heat to medium. Add the diced onion to the pot and cook until softened, about 4 minutes.
Add the minced garlic and cook for 1 minute until fragrant.
Stir in the tomato paste and cook for 2 minutes to deepen the flavor.
Sprinkle the flour over the onion mixture and stir well to combine. Cook for 1 minute to remove the raw flour taste.
Slowly pour in the beef broth while stirring to avoid lumps.
Return the browned beef to the pot. Add the potatoes, carrots, dried thyme, dried rosemary, and bay leaf. Stir to combine.
Bring the mixture to a simmer, then reduce heat to low and cover the pot.
Cook for 1 hour, stirring occasionally, until the beef is tender and the potatoes are cooked through.
Remove the bay leaf before serving.
Taste and adjust seasoning with additional salt and pepper if needed.