In modern society iron is the most important of all metals, because it is utilized to create diverse sorts of steel which is utilized in a diverse cluster of applications. Iron makes up 95% of all metal tonnage created around the world, with over 500 million tons of unused iron and 300 million tons of reused iron being output each year. Without it we wouldn’t have power lines or oil refineries. As a chemical it’s also used in insecticides, water purification, sewage treatment and the production of ammonia. Iron’s molecular composition is Fe₃O₄ and four of its main properties are lustrous, ductile, malleable, silver-gray metal. It is known to exist in four distinct crystalline forms. Iron rusts in damp air, but not in dry air. It dissolves readily in dilute acids.