In a large dutch oven, heat olive oil over medium heat.
Season ribeye with salt and pepper and add to pot. Sear for about 3-4 minutes on each side, or until browned. Remove from the pot and set aside to rest.
There should be a good amount of drippings in the pot released from the meat, but if not, add a bit more olive oil to the pot. Now, add in the diced onion. Cook for about 2-3 minutes or until the onions are softened slightly.
Add the minced garlic and cook for another 2-3 minutes.
Next, pour in the beef broth to help deglaze the pot. Stir gently and continue to simmer.
Combine red wine, tomato paste, and balsamic vinegar into small bowl and whisk until well-blended. Add this mixture to the broth and simmer for about 5 minutes.
Next, add in crushed tomatoes. Then, one by one, crush the whole tomatoes by hand, directly in the sauce. This allows some larger bits of tomato into the sauce.
Add in sugar, herbs, bay leaves, and salt and pepper to taste. Return steak back into the sauce.
Cover pot and let simmer over low-medium heat for about 2-3 hours or until meat is very tender.
Once the meat is easy to prick with a fork, and starting to fall apart
easily, remove the steak from the sauce and place into large bowl. Using 2 forks, gently shred meat. Remove all the herbs and bay leaves from the sauce and discard.
Return the shredded meat to sauce, and add 1/4 cup heavy cream. This helps to emulsify the sauce. Let simmer another 15-20 minutes before serving.