In the early 18th century he was the managing partner of the Foley steelworks from 1690 to 1725, and an important figure in coal iron production.
Warine Falkner was the next manager, but his wife wanted to move back to Staffordshire to be near her family, and he left.
This was ultimately partly resolved by an arbitration by Warine Falkner and Edward Kendall with William Knight as umpire.
The result left Rea financially ruined, with his property mortgaged to the Duke of Beaufort, to whom he ultimately surrendered it.
Samuel Jewkes had apparently given him a partnership in Wolverley Old Forge during the embargo and had died without paying.
William Rea brought proceedings in Chancery for payment, but had to await the majority of the grandson before the estate could be sold and he could be paid.
The estate was bought by William Knight's son Edward, by then an important and wealthy ironmaster in the area.