Cut steak into six pieces; sprinkle with salt and pepper. In an ovenproof Dutch oven, brown meat in oil on both sides. Stir in the soup, water, celery, red pepper, onion and thyme. Cover and bake at 350° for 1 hour.
Add potatoes; cover and bake 1-1/2 hours longer or until steak and vegetables are tender. Yield: 6 servings.