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.

Note: The following crafting recipe was planned to be added in 1.6 but was removed in snapshot 13w18a.

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 is one of the most useful items in game, with 26 crafting recipes (27 if you count the Nether Reactor Core). The second, Wood Planks, has 23 recipes.
 * 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 then just smelting to make it.

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