Iron Ingot

Iron Ingots are the metal obtained from the smelting of iron ore. They are used to make a wide variety of items such as iron tools as well as minecarts, minecart tracks, compasses, armor and buckets and more. Iron tools are capable of mining all blocks that diamond tools can, with the exception of obsidian. This makes it one of the most useful items in-game. Iron tools are considered in the middle-tier level, one tier below diamond tools.

Iron ingots can be obtained from smelting iron ore, placing blocks of iron into a crafting grid, dungeons, strongholds, abandoned mineshafts and NPC village chests, and by killing iron golems and zombies.

As a crafting ingredient
In the Pocket Edition, the Nether Reactor Core is crafted with three diamonds and six iron ingots.

Upcoming in 1.8:

Trivia

 * While Minecraft does distinguish between ores and metals, it does not have a "steel" item separate from iron; flint and steel is crafted directly from an iron ingot.
 * Iron Ingots are the most versatile item in the game, being used in 26 crafting recipes (27 in 14w07a+). The second, Wood Planks, has 23 recipes. Technically, if the Nether Reactor Core is counted, Iron Ingots are used in 27 recipes (28 in 14w07a+), but the Nether Reactor Core is Pocket Edition-exclusive, and some crafting recipes that use them are not in the Pocket Edition (such as Iron Doors).
 * Technically, if iron ore is smelted with coal then it should make steel alloy instead of iron because carbon is added to the smelting process, however this doesn't happen because making steel requires a lot more steps in real life than just smelting to make it.
 * Iron ingots are the the only item that can be crafted into something using 2 (shears), 3 (bucket), 4 (boots), 5 (helmet/minecart), 6 (iron bars), 7 (pants/cauldron), 8 (chestplate), and 9 (iron block) of the item, without any other ingredients added.
 * As with all mineral blocks in the Xbox 360 Edition, there is a glitch that can be exploited with iron by placing down a block of it, then quickly mining and placing down the iron as fast as possible once obtained. This will create a ghost block in the inventory that can be broken down as usual. It is possible to obtain this ghost block in the PC and Pocket Editions, but it will not work on PC as the ghost block will vanish once moved.

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