01 - Preheat oven to 325°F.
02 - Slice beef round steak into 4 equal portions. In a shallow bowl, combine flour, salt, and pepper. Dredge each piece of beef in flour mixture, shaking off excess.
03 - Heat vegetable oil in a large Dutch oven or ovenproof skillet over medium-high heat. Sear beef portions on both sides for 2 to 3 minutes until golden brown. Transfer browned beef to a plate.
04 - In the same pan, add onion and green bell pepper. Cook, stirring, for 3 to 4 minutes until softened. Add garlic and cook for 30 seconds until fragrant.
05 - Stir in diced tomatoes with their juices, beef broth, tomato paste, Worcestershire sauce, dried thyme, and bay leaf. Bring mixture to a gentle simmer.
06 - Nestle seared beef portions into the simmering sauce and vegetables. Cover with a lid or tightly fitted foil.
07 - Place the covered pan in preheated oven and bake for 1 1/2 to 2 hours, or until beef is fork-tender.
08 - Remove bay leaf. Serve hot, spooning sauce and vegetable mixture over beef portions.