Prepare the Beef:
In a large bowl, toss the beef cubes with flour, salt, and black pepper to coat evenly.
Sear the Beef:
Heat olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat. Add the beef in batches and sear until browned on all sides. Remove and set aside.
Cook Aromatics:
In the same pot, sauté the onion until softened, about 3-4 minutes. Add the garlic and cook for 1 minute until fragrant.
Deglaze the Pot:
Stir in the tomato paste and cook for 1 minute. Pour in the red wine (if using) and scrape the bottom of the pot to release browned bits. Let the wine reduce slightly for 2-3 minutes.
Build the Broth:
Add the beef broth, Worcestershire sauce, thyme, rosemary, and bay leaves. Stir well to combine.
Simmer the Stew:
Return the seared beef to the pot. Cover and simmer on low heat for 1.5-2 hours, or until the beef is tender. Alternatively, transfer to a preheated oven at 325°F (160°C) for the same amount of time.
Add Vegetables:
Add the carrots, potatoes, and celery to the pot. Cover and simmer for another 30-40 minutes until the vegetables are tender.
Finish the Stew:
Stir in the frozen peas during the last 5 minutes of cooking. Adjust seasoning with additional salt and pepper, if needed.
Serve:
Ladle the stew into bowls and garnish with fresh parsley. Serve with crusty bread or over steamed rice, if desired. Enjoy!