In a shallow dish, mix flour, salt, black pepper, and paprika. Dredge the pounded beef in the flour mixture, shaking off excess.
Heat olive oil in a large skillet or Dutch oven over medium-high heat. Sear the steak for 2-3 minutes per side until browned. Remove and set aside.
In the same skillet, add onions and bell peppers. Sauté until softened, about 5 minutes. Stir in garlic and cook for another minute.
Add tomato paste and cook for 1-2 minutes. Pour in crushed tomatoes, beef broth, Worcestershire sauce, oregano, thyme, and bay leaf. Stir well.
Return the steak to the pan, nestling it into the sauce. Reduce heat to low, cover, and let simmer for 90 minutes until the beef is tender.
Remove the bay leaf before serving. Serve warm with mashed potatoes, rice, or buttered noodles.