In a large bowl, mix together flour, yeast, sugar, salt, black olives, olive oil, and water.
Turn out dough onto a floured board. Knead until smooth and elastic, 5 to 10 minutes. Set aside, and let rise about 45 minutes, until it doubles in size. Punch down. Knead well again, for about 5 to 10 minutes. Let rise for about 30 minutes, until it doubles in size.
Round the dough on kneading board. Place upside down in a bowl lined with a lint-free, well floured towel. Let rise until double in size.
While the bread is rising for the third time, put a pan of water in the bottom of the oven. Preheat oven to 260 degrees C (500 degrees F).
Gently turn loaf out onto a sheet tray that has been lightly oiled and dusted with cornmeal.
Bake loaf at 260 degrees C (500 degrees F) for 15 minutes. Reduce heat to 190 degrees C (375 degrees F). Bake for 30 more minutes, or until done.