Ira Rennert

$3.81 B

Ranked #1132 in World

About Ira Rennert

Ira Leon Rennert, a billionaire and major Republican donor, has an extensive business background and has made significant contributions to various philanthropic causes. Rennert started his career as a credit analyst on Wall Street and later founded his own business, I. L. Rennert & Co. Rennert is known for his use of junk bond financing and his strategy of acquiring struggling companies and paying dividends to himself. Some notable acquisitions include WCI Steel and AM General. Rennert has also been involved in environmental controversies, particularly with his holdings in US Magnesium and Doe Run. Despite these controversies, Rennert has made substantial philanthropic contributions, including funding various educational and Jewish cultural initiatives. He is married to Ingeborg Hanna Rennert and has three children.

Born

May 31, 1934 in New York City, US

Age

91 years

Source Of Wealth

Investments

Industries

Finance & Investments

Citizenship

United States

Residence

New York, New York

Education

Bachelor of Arts/Science, Brooklyn College; Master of Business Administration, Leonard N. Stern School of Business

Spouse

Ingeborg Hanna

Children

Ira Leon Rennert was born on May 31, 1934, in Brooklyn, New York. His parents were immigrants from Poland and Romania. Rennert graduated from Brooklyn College in 1954 and earned a master's degree from New York University's Stern School of Business in 1956. He later served on the Board of Overseers at NYU Stern.

Ira Rennert: Family

Ira Rennert is married to Ingeborg Hanna Rennert, a former airline ticket agent who is a convert to Judaism. She serves as the Director of Lincoln Center for the Performing Arts, Inc. They have three children: Tamara Rennert Winn, married to Randall Winn, co-founder of Capital IQ (now S&P Capital IQ); Yonina Rennert Davidson; and Ari Rennert. Rennert is a member of the Fifth Avenue Synagogue, an Orthodox synagogue where he is also honorary chairman.

Ira Rennert: Career Highlights

Ira Rennert started his career as a credit analyst on Wall Street in 1956. He later became a partner at Rubin, Rennert & Co. and launched his own business, I. L. Rennert & Co., in 1962. However, his license was revoked in 1964 due to operating with insufficient capital.

Rennert gained prominence through his use of junk bond financing, facilitated by Michael Milken of Drexel Burnham Lambert. He acquired struggling companies, financed the acquisitions with junk bonds, and paid substantial dividends to himself. This strategy allowed him to acquire companies without investing much of his own money.

Ira Rennert: Companies

Ira Rennert's business empire includes several companies, including:

WCI Steel: Acquired from LTV Steel Co. in 1988, renamed WCI Steel Inc., and sold to Severstal, a Russian steelmaker.
MagCorp/US Magnesium: Acquired in 1989, established Renco Metals, Inc. as a holding company, and faced legal challenges related to hazardous waste disposal.
AM General: Acquired from LTV Corporation in 1993, produced vehicles for industrial, military, and government use, and a majority stake was later sold to Ronald Perelman's company.

Ira Rennert: Major Achievements

Ira Rennert's major achievements include:

Building a successful business empire through the use of junk bond financing.
Acquiring and restructuring several companies, including WCI Steel, MagCorp/US Magnesium, and AM General.
Making significant charitable contributions to various organizations and institutions.

Ira Rennert: Awards & Achievements

Ira Rennert has received several awards and recognitions, including:

2004 Climate Protection Award from the EPA.
2006 MEP award for Environmental Consciousness.

Ira Rennert: Personal Life & Legacy

Ira Rennert is known for his lavish lifestyle and philanthropy. He owns several properties, including a large beachfront home in Sagaponack, New York, which has been a subject of controversy. Rennert and his wife have made significant charitable contributions to various organizations, particularly in the areas of education, healthcare, and Jewish studies.

Ira Rennert: Trivia

Ira Rennert is ranked #818 on Forbes magazine's list of the world's billionaires and #29 on The Jerusalem Post list of the World's 50 Richest Jews.
He is a major Republican donor and has contributed to the campaigns of several candidates.
Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History.
The Rennerts have donated hundreds of Torah scrolls to communities in Israel.

Wealth History

Timeline

May 31, 1934

Ira Leon Rennert is born in Brooklyn, New York.

1954

Rennert graduates from Brooklyn College.

1956

Rennert earns a master's degree from New York University's Stern School of Business.

1956

Rennert starts his career as a credit analyst on Wall Street.

1962

Rennert launches his own business, I. L. Rennert & Co.

1962 and 1963

Rennert is censured by the National Association of Securities Dealers for operating with insufficient capital.

November 29, 1964

Rennert's license is revoked, effectively banning him from the securities industry.

1988

Renco buys a Warren (Ohio) steel company from LTV Steel Co. for $140 million and renames it WCI Steel Inc.

1989

Renco acquires the U.S.'s largest magnesium producer in Utah and establishes Renco Metals, Inc. as a holding company for Magnesium Corp.

1993

Renco acquires AM General from LTV Corporation to help LTV emerge from bankruptcy.

1997

Doe Run, Peru, (a Renco Group holding) purchases a smelting plant in La Oroya, Peru.

1998

The EPA places Renco Group business holdings 10th on the nation's largest polluter list primarily because of emissions from US Magnesium in Utah.

2001

The Justice Department and EPA file suit against Renco, demanding nearly $1 billion in fines for alleged toxic waste dumping at MagCorp.

2002

A study shows more than half of the children living within a quarter mile of the Doe Run lead smelting plant in Herculaneum, Missouri, have high blood-lead levels.

2004

Ronald Perelman's MacAndrews & Forbes Holdings company buys 70% of AM General from Renco for close to US$1 billion.

2004

US Magnesium receives a Climate Protection Award from the EPA.

2006

US Magnesium wins an MEP award for Environmental Consciousness.

2007

A federal judge rules against the EPA and the Justice Department and in favor of Renco and MagCorp / US Magnesium.

2007

Doe Run meets all of the National Ambient Air Quality Standards (NAAQS) in the first quarter.

2008

The EPA proposes placing the US Magnesium facility on the National Priorities List (NPL, a "Superfund site" under CERCLA).

2008

Conditional approval is proposed for the operation of the Doe Run smelter in Herculaneum, Missouri.

2009

US Magnesium files a petition for review of the listing in the United States Court of Appeals for the District of Columbia Circuit.

2010

The 10th Circuit Court of Appeals ruling overturns a District Court judge's decision, stating that U.S. Magnesium was illegally disposing of five wastes.

2010

Rennert's wife and children are named as the donors of The Jonas Mendel (Yonah Menachem Ben Mendel) Rennert Memorial Chapel at the Center for Jewish History.

2011

The United States Court of Appeals sides with the EPA and upholds placing the US Magnesium facility on the National Priority List.

2013

Doe Run shuts down its lead smelter in Herculaneum, Missouri, entirely discontinuing emissions in the state.

Ira Rennert : FAQs

What is Ira Rennert's current net worth?

Ira Rennert's current net worth is $3.81 billion.

What is Ira Rennert's current global rank among billionaires?

Ira Rennert holds the 1132nd position globally among billionaires.

What is Ira Rennert's current ranking within the United States?

Ira Rennert holds the 418th position in United States.

What was the change in Ira Rennert's net worth compared to the previous year?

Ira Rennert's net worth decreased by 0 million dollars compared to the previous year 2025, when his net worth was 3.81 billion dollars.

What are Ira Rennert's main sources of wealth?

Ira Rennert's main source of income comes from Investments.

In which industry does Ira Rennert primarily operate?

Ira Rennert is primarily involved in the Finance & Investments industry.

What is Ira Rennert educational background?

Ira Rennert holds a Bachelor of Arts/Science from Brooklyn College and a Master of Business Administration from Leonard N. Stern School of Business.

How old is Ira Rennert?

Ira Rennert is 91 years old.

How many children does Ira Rennert have?

Ira Rennert has 3 children.

What is Ira Leon Rennert's background and education?

Ira Leon Rennert was born on May 31, 1934, to parents who were immigrants from Poland and Romania. He graduated from Brooklyn College in 1954 and earned a master's degree from New York University's Stern School of Business in 1956. He also served on the Board of Overseers at NYU Stern.

What was Ira Leon Rennert's early career?

In 1956, Ira Leon Rennert started as a credit analyst on Wall Street. He later became a partner at Rubin, Rennert & Co. In 1962, he launched his own business, I. L. Rennert & Co. However, his license was revoked on November 29, 1964, effectively banning him from the securities industry, after being censured by the National Association of Securities Dealers for operating with insufficient capital in 1962 and 1963.

How did Ira Leon Rennert use junk bond financing?

Ira Leon Rennert used junk bond financing with the help of Michael Milken, a bond trader for Drexel Burnham Lambert. His strategy was to acquire struggling companies, finance the acquisition with junk bonds, and pay substantial dividends to himself. Renco's subsidiaries borrowed an estimated $1.1 billion and transferred $322 million (29%) to the Renco Group, according to SEC filings. Backed by blue-chip mutual funds and hedge funds, Rennert didn't have to invest much of his own money.

What were some notable transactions and subsidiaries of Renco Group?

One notable transaction was the acquisition of WCI Steel in 1988. Renco bought the Warren (Ohio) steel company from LTV Steel Co. for $140 million. The company was later renamed WCI Steel Inc. Renco also acquired the U.S.'s largest magnesium producer, MagCorp/US Magnesium, in 1989. Another notable acquisition was AM General in 1993. The company produced vehicles for industrial, military, and government use. Ronald Perelman's MacAndrews & Forbes Holdings company later bought 70% of AM General from Renco in 2004.

What is the environmental track record of Renco Group in the United States?

Renco Group's environmental record in the U.S. has faced scrutiny. In 1998, Renco Group business holdings were placed 10th on the nation's largest polluter list primarily due to emissions from US Magnesium in Utah. However, US Magnesium has since reduced emissions by 90% since 2000. Renco Group also faced environmental issues in Herculaneum, Missouri, but made substantial improvements. Locals claimed their children were suffering from lead poisoning from Renco's Doe Run lead smelting plant. EPA and Missouri Department of Natural Resources ordered Doe Run to clean up locations with excessive lead levels.