The correct answer is B) Apply a pressure bandage over the dressing. The reasoning is that after severe bleeding has been controlled using a sterile dressing and direct pressure, the next step is to apply a pressure bandage over the dressing. This helps maintain the pressure and prevent the bleeding from restarting. The other options are incorrect because: A) Removing foreign matter and applying antiseptic should have been done before applying the initial dressing. C) Administering fluids is not the next immediate step after controlling the bleeding. D) Applying a tourniquet is only necessary if the bleeding cannot be controlled by direct pressure, which has already been achieved.