Individual chondrules, coarse and fine-grained metal, chondrule rims, and matrix samples were separated from the Renazzo chondrite (CR2) and studied by instrumental neutron activation analysis. Both Renazzo chondrule and matrix fractions have CI Cr/Mg concentration ratios, unlike chondrules from other classes of chondrites, which have fractionated Cr/Mg ratios. This and other arguments suggest that Renazzo chondrules and matrix formed in the same nebular region. In Renazzo, fine-grained metal-the dominant metal component, is mostly located inside chondrules or in chondrule rims. Matrix contains few coarse metal grains. Both types of metal, fine and coarse, exhibit similar chemical signatures, comparatively high in Cr and low in Ni, suggesting a genetic relationship.Although metal is mostly contained in chondrules, chondrules and matrix of Renazzo have similar common siderophile/lithophile abundance ratios. This may imply that Renazzo chondrules and metal were formed by reduction of oxidized precursors compositionally similar to CI chondrites. The CI-like concentrations of Sc, Mg, Se, and Zn in Renazzo matrix are consistent with this inference. The differences in siderophile element pattern between chondrules, chondrule metal, and matrix indicate evaporation and recondensation of volatile elements during chondrule formation. Recondensation of evaporated elements was incomplete and the degree of recondensation correlates with element volatility. The higher-than-CI K/Mg, Na/Mg, and Ga/Fe ratios of Renazzo matrix may reflect recondensation of K, Na, and Ga into the matrix. The CI Se/Sc and Zn/Sc concentration ratios of the matrix, however, reflect very limited degrees of recondensation of Se and Zn into matrix. The presence of abundant phyllosilicates and organic material in Renazzo matrix requires a low background temperature (<200 K) during formation of the Renazzo meteorite. Partial recondensation of volatile elements in a cold nebular environment implies instantaneous agglomeration of the Renazzo chondrite following chondrule formation.