Pure iron is unremarkable: soft, and it rusts. Almost everything useful about iron comes from what is dissolved in it.
Adding carbon, between roughly 0.02 and 2 per cent, gives steel, and the amount together with the heat treatment determines everything. Quenching hot steel in water traps the carbon in a distorted crystal structure called martensite, which is very hard and very brittle; tempering, reheating gently afterwards, trades some of that hardness back for toughness. Smiths were doing this reliably for two thousand years before anyone could say what was happening, and the metallurgical explanation arrived only in the late nineteenth and early twentieth centuries.
Cast iron, above about 2 per cent carbon, is brittle but pours well, and was made in China from around the fifth century BCE, more than a thousand years before it became practical in Europe. Wrought iron, nearly carbon-free, is tough and easily forged. The blast furnace, Henry Cort's puddling process of 1784, and above all Henry Bessemer's converter of 1856, which blew air through molten iron and burned out the carbon in minutes rather than days, took steel from a costly specialty to the cheapest structural material there is.
Adding chromium above about eleven per cent gives stainless steel, developed independently in several countries around 1912 and 1913, in which an invisible chromium oxide film reforms as fast as it is scratched away. Manganese, nickel, molybdenum, vanadium and tungsten each buy specific properties.
Iron rusts because its oxide flakes rather than sealing, unlike the oxides of aluminium or chromium. That single failure of chemistry costs the world economy a measurable share of output every year, and it is the reason for galvanising, for painting, and for much of the alloying above.