Step 1

Heat oil in a large pot over medium-high heat. Add beef and cook until browned on all sides, about 10 minutes; remove meat and set aside.

Step 2

Add onion and tomato paste to the same pot; cook and stir until onion is tender, about 5 minutes. Return beef to the pot; stir in beef broth. Reduce heat to low, cover, and simmer until meat is tender, about 1 to 1 1/2 hours.

Step 3

Add potatoes, carrots, thyme, crushed red pepper flakes, rosemary, and bay leaf; simmer, covered, for 45 minutes, adding some water if stew gets too thick.

Step 4

Add mushrooms and peas; cook and stir until heated through, about 10 to 15 minutes. Remove rosemary sprig and bay leaf before serving.