Pat the beef stew meat dry with paper towels and season with sea salt and black pepper.
Heat the olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef to the pot in a single layer and sear until browned on all sides, then remove and set aside.
Reduce heat to medium and add the diced yellow onion, celery, and minced garlic, sautéing until the onions are translucent.
Stir in the tomato paste and dried thyme, cooking for 1 minute to deepen the flavor profile.
Add the sliced carrots and diced parsnips to the pot, then return the browned beef and any accumulated juices.
Pour in the beef broth and bring the mixture to a gentle boil.
Reduce the heat to low, cover with a tight-fitting lid, and simmer for 45 to 60 minutes until the beef and root vegetables are fork-tender.