Heat oil in a large saucepan or skillet. Sauté onions in oil. Add carrots and celery and cook for a few minutes.
Cut steak into ¼ to ½ inch cubes and add to onions, carrots and celery. Wash, peel and slice potatoes and add to pot.
Pour in water, season to taste with salt and pepper and bring to a boil. Skim of any foam, reduce heat and simmer over low heat until meat and vegetables are tender.
Note: Can also cook in crockpot on low overnight, 7-8 hours or on high for 3-4 hours. If desired, stew can be thickened by mixing 2 tablespoons flour with a little water and adding it to the stew. Heat through until thickened and serve piping hot.
