Preheat oven to 325°F.
Pat the beef chunks dry and season with 1½ tsp salt and ½ tsp black pepper.
Heat olive oil in a Dutch oven over medium-high heat. Sear beef in batches for 2–3 minutes per side until browned. Transfer to a plate.
Reduce heat to medium, add butter, and sauté onions for 3–4 minutes. Add celery and carrots and cook another 3–4 minutes.
Add a splash of broth, then stir in tomato paste and cook 1–2 minutes. Add Worcestershire sauce, red wine (or broth), and rosemary. Scrape up browned bits and let reduce slightly.
Return seared beef and any juices to the pot. Add the bay leaf.
Place potatoes on top of beef and pour in enough broth to cover the potatoes.
Cover and braise in the oven for 3–4 hours, until beef is fork-tender and vegetables are soft.
Remove bay leaf. Taste and adjust seasoning with remaining salt and pepper if needed.
Serve warm with vegetables and plenty of broth.