Season the beef with some salt and pepper. Heat the oil in a large Dutch oven over medium-high heat. Add the beef and cook until well-browned on all sides. Stir in the tomato paste and cook for 1 minute.
Stir in the onions and cook, stirring occasionally, until softened and browned. Add the beef broth, ale, soy sauce and bay leaf. Bring the stew to a simmer, then reduce the heat to medium-low, cover, and cook, stirring occasionally, until the meat is starting to get tender and the liquid is slightly reduced, about 1 1/2 hours.
Add the beets, Brussels sprouts, carrots, parsnips and red potatoes, and cook, covered, stirring occasionally, until the meat and vegetables are tender, about 1 more hour. Remove the bay leaf before serving.