Iron Ingot

Obtained: Smelting of iron ore, crafting of Blocks of Iron, and found in Dungeon and Stronghold Chests

Creates: sword, armor, tools, Blocks of Iron, compass, rails, flint and steel, doors, minecart, and Iron Bars.

Iron ingots are used to make a wide variety of useful objects including minecarts, minecart tracks, compasses, armor, buckets, and tools capable of mining anything but obsidian and bedrock. This makes it one of the most useful items in-game. It creates the middle-tier armor, with diamond being the highest tier.

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.
 * In the coding Iron is called Steel.

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