Preheat oven to 450 degrees F (230 degrees C). Place beef cubes in a metal roasting pan and stir in 2 tablespoons olive oil. Put in the oven, on the middle rung and cook for 30 minutes, turning occasionally, until brown and tender.
Meanwhile, put onions, mushrooms, carrots, potatoes, celery, and garlic in a roasting pan. Stir in 2 tablespoons olive oil. Place in oven underneath beef. Bake for 35 to 40 minutes, stirring occasionally, until tender. Remove both beef and vegetable mixture from oven.
Remove beef from roasting pan and set aside. Place roasting pan, on medium high heat. Add wine and bring to a boil, scraping up the bits of drippings, stirring. When the bottom of the pan is clear of all browned pieces, remove from heat.
Put beef and wine mixture in a Dutch oven and stir in beef broth and add bay leaf and tomato paste. Bring to a boil. Reduce heat and simmer, covered, for 40 minutes.
Add 2 tablespoons flour to cooked vegetables and toss until all vegetables are coated. Add vegetables to beef stew. Simmer, covered, for 20 minutes, or until vegetables are heated through and tender. Serve hot.
