Cut the beef into large cubes, season generously with salt and pepper, then dredge in the flour, ensuring all sides are coated.
In a large, heavy-bottomed pot or Dutch oven, heat the oil over medium-high heat. Sear the beef cubes on all sides until deeply browned. Remove the beef and set aside.
In the same pot, sauté the finely chopped onions, minced garlic, sliced carrots, and celery stalk until softened and lightly golden.
Add the tomato paste and cook for another 1-2 minutes, stirring constantly. Pour in the red wine and let it simmer for a few minutes, allowing the alcohol to evaporate.
Return the beef to the pot. Pour in the beef broth. Add the thyme sprigs and bay leaf.
Cover the pot and simmer over low heat for 2-3 hours, or until the beef is fork-tender and the sauce has thickened. Stir occasionally to prevent sticking.
Serve the Beef Bourguignon hot with crusty bread, mashed potatoes, or egg noodles.
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