Sear beef chunks:
Warm olive oil in a large skillet or Dutch oven set to medium-high heat. Working in batches to avoid crowding, sear the beef chunks until browned on all sides, roughly 5-7 minutes. Transfer the seared beef to a plate and set aside.Sauté aromatics:
In the same pot, sauté the onion until translucent, about 3 minutes. Then add the minced garlic and sliced mushrooms; continue cooking for another 2-3 minutes.Make flour roux:
Dust the vegetables with flour and stir continuously for 30 seconds to eliminate the raw flour taste. Gradually pour in the beef broth while stirring to prevent lumps from forming.Simmer beef stew:
Stir in Worcestershire sauce, onion powder, garlic powder, smoked paprika, salt, black pepper, and the bay leaf. Return the browned beef along with any accumulated juices to the pot. Lower the heat to a simmer, cover, and cook for 1 hour to 1 hour 20 minutes, until the beef is fork-tender.Thicken gravy:
For a thicker gravy, whisk together cornstarch and water to create a slurry. Pour the slurry into the pot and simmer for 3-5 minutes until the gravy thickens.Serve stew:
Discard the bay leaf and adjust seasoning to taste. Serve hot over mashed potatoes, rice, egg noodles, or biscuits.