Place the flank steak in the large sauce pan. Cover with water to 1 inch above the steak, and bring to a boil. Reduce heat to low and cover, letting simmer for 1 hour. The steak should become very tender and pull apart easily. Transfer the steak to a plate and shred the meat, set aside.
Heat the oil in a small sauce pan until it begins to bubble. Remove the oil and steep for 10 minutes. Strain into Dutch Oven and place over medium-high heat. Add onion and bell pepper, cooking for 2 minutes. Add tomato, cumin, salt, pepper, and garlic. Cook for two minutes and add steak, olives, and carrots. Stir to combine and bring to a boil.Reduce heat to low and let simmer for 10 minutes. Remove heat and cook on medium heat until almost all liquid evaporates. Remove from heat and cool overnight,
Combine 1 Tsp. of water and egg in a small bowl. Divide cold filling into 15 portions. Moisten edges of dough disks with egg mixture and place filling in center. Fold the dough over the filling to form a half-moon shape. Gently press edges between thumb and index finger to form a border. Use a fork to crimp the border to seal edges. Repeat for each empanada and place on baking sheets.
Brush tops of empanadas with egg mixture. Bake for 23 minutes in oven. Rotate pan halfway through baking for an even cook.