Combine flour, paprika, salt, and black pepper in a large mixing bowl and toss the beef chunks to fully coat them.
Heat one tablespoon of olive oil in a large Dutch oven and brown the beef pieces in three batches, cooking each side about five minutes. Set browned beef aside.
Before each batch, add one tablespoon of olive oil to the pot to prevent sticking.
After all beef is browned and removed, add the remaining tablespoon of olive oil and sauté the onion, bell pepper, and celery for about five minutes until softened.
Stir in the garlic and tomato paste and cook another minute to develop flavor.
Pour in the red wine, beef stock, and Worcestershire sauce, scraping the bottom to release any browned bits.
Return the meat along with any juices back to the pot, then add the Italian seasoning and bay leaves.
Bring everything to a boil, cover with a lid, and let it gently simmer for two hours to tenderize the meat.
Uncover the pot and stir in the potatoes and carrots; continue simmering uncovered for an additional hour until vegetables are tender and beef is fork soft.
Take the pot off the heat. The stew can be served right away, but it tastes even better after chilling for 24 hours in the fridge. Reheat gently before serving.
