Pat the beef dry with paper towels. Toss with flour, salt, pepper, garlic powder, onion powder, and smoked paprika until evenly coated.

Heat olive oil and butter in a large Dutch oven over medium-high heat.

Brown the beef in batches until deeply caramelized on all sides. Remove and set aside.

Add the diced onion to the same pot and cook for about 6 minutes until softened.

Stir in the garlic and tomato paste. Cook for 1 minute.

Pour in the beef broth while scraping up all the browned bits from the bottom of the pot.

Stir in Worcestershire sauce, thyme, rosemary, and bay leaves.

Return the browned beef to the pot.

Cover and simmer over low heat for 2 to 2½ hours, stirring occasionally, until the beef is fork tender.

Whisk together cornstarch and cold water. Stir into the simmering gravy.

Cook another 3–5 minutes until the gravy becomes thick, glossy, and rich.

Remove the bay leaves, garnish with chopped parsley, and serve over mashed potatoes, rice, or buttered egg noodles.