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1. In a 10-quart pot, heat the oil over medium-high heat and cook beef bones, in 2 batches if necessary, until very deeply browned on all sides, including the meaty edges of ribs, for 6 to 8 minutes per side. Reduce the heat if they threaten to burn. Remove the beef to a plate and pour off the oil in the pot.
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2. Return the pot to medium-high heat and add the water, scraping the bottom of the pot to loosen any browned bits. Return the beef bones, and any accumulated juices, and bring to a simmer. As it comes to a simmer, skim off any impurities that rise to the surface with a ladle or large spoon.
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3. Add the onion, carrot, celery, garlic, thyme, bay leaf, and salt. Cook uncovered, at the barest possible simmer, with just a few bubbles breaking the surface, stirring occasionally, for 2 1/2 hours.
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4. Remove from the heat and let the stock rest for 15 minutes. Strain stock through a large fine-mesh strainer or a colander double-lined with damp cheesecloth into a large bowl.
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5. Fill a larger bowl or the sink with ice and water and nest the bowl of stock in it. Stir regularly until the stock has cooled.
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6. Transfer the cooled stock to airtight containers, and refrigerate for up to 3 days or freeze for up to 3 months.