1980's-1990's

In the 1986 limited series The Man of Steel, John Byrne redesigned Lex from scratch, intending to make him a villain that the 1980s would recognize: an evil corporate executive. Initially brutish and overweight, the character later evolved into a sleeker, more athletic version of his old self. In an example indicative of Byrne's realistic approach, Lex is no longer recounted as having lost his hair in a chemical fire; rather, his hairline is shown to be receding naturally over time. Marv Wolfman, a writer on Action Comics who had one conversation with Byrne prior to Lex's reboot[16] recalled:

The Modern Age Lex is a product of child abuse and early poverty. Born in the Suicide Slum district of Metropolis, he is instilled with a desire to become a self-made man. As a teenager, he takes out a large insurance policy on his parents without their knowledge, then sabotages their car's brakes, causing their deaths. Upon graduating from MIT, Luthor founds his own business, LexCorp, which grows to dominate much of Metropolis.

Lex does not physically appear in The Man of Steel until the fourth issue, which takes place over a year after Superman's arrival in Metropolis. When Lois Lane and Clark Kent are invited to a society gala aboard Lex's yacht, terrorists seize the ship without warning, forcing Superman to intervene. [18] Lex observes Superman in action, and once the gunmen are dispatched, hands the hero a personal check in an attempt to hire him. But when Lex admits that he had not only anticipated the attack, but had arranged for it to occur in order to lure Superman out, the Mayor deputizes Superman to arrest Lex for reckless endangerment. This, coupled with the indignation that Superman is the only person he could not buy off, threaten, or otherwise control, results in Lex's pledge to destroy Superman at any cost. As such, he is more than willing to help other businessmen destroy other superbeings. He was instrumental in the apparent death of Swamp Thing, which jeopardized many lives as the Parliament of Trees attempted to replace him.[19]

Despite general acceptance of Byrne's characterization, as evidenced by subsequent adaptations in other media, some writers have called for a return to Lex's original status as a mad scientist. Regarding the character's effectiveness as a corrupt billionaire, author Neil Gaiman commented:

Lex's romantic aspirations toward Lois Lane, established early on in the series, become a focal point of the stories immediately following it.[21] He is shown making repeated attempts to court her during The Man of Steel, though Lois plainly does not return his feelings.[22]