Net Worth: $6.1 B (2015)
Fortune : Self Made
Source : Investments
Country Of Citizenship : United States
Residence : New York‚ United States
Education : Brooklyn C‚ Bachelor of Arts / Science; New York U‚ Master of Business Administration
Date of Birth : 1934
Profession : Businessman
Family : Spouse(s)‚ Children:3
In the Forbes List of World Top Billionaires 2010‚ Ira Rennert holds the 144th position with $5.3 billion. The main strategy of this American investor and businessman has been using junk bonds to fund the other metal company acquisitions of his company. This was the principle on which his Renco is built. Since 1995‚ the subsidiaries of Renco have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group.
The AM General has been bought by him in 1992 for $133 million which is one major source of his revenues. He is also the maker of military Humvees and SUV Hummers. Among some of his ventures which did not seem to go very well was the Madoff Ponzi scheme‚ which did cost him a loss of $100 million. The business magnate is however facing a bit problem with his Renco Group’s Peruvian smelter for the low metals prices that have made it to sit idle with the emissions cleanup on hold. Rennert has significant holdings in basic‚ cyclical industries‚ such as mining and metals‚ including lead smelters‚ coal mines‚ magnesium producers and vehicle assembly lines.
As a young man‚ Ira Rennert began as a credit analyst on Wall Street in 1956. He was also a salesman for a typewriting company and a stock brokerage for quite some time before he launched his own business. The first company that he came up with is I.L.Rennert & Co. in 1962. That was situated in Lower Manhattan. During this time‚ he was also censured by the NASD once because of operating without enough capital. Again‚ in 1964‚ his license was banned. After shutting down his firm voluntarily‚ the license was revoked again.
Renco took over a Warren (Ohio) steel company from its bankrupt parent‚ LTV Steel Co. in 1988 and that was one of Rennert’s biggest deals. He bought it for $140 million (half of it was paid for the debts associated with it). This is the company that later became WCI Steel Inc. the following year‚ Renco bought the largest magnesium producer in Utah. In 1993‚ it acquired the AM General as described above.
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