The term 'Iron Component' can be broken down into two parts: Iron and Component. Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal that is found in many minerals, including hematite and magnetite. Component is a part or element of something larger. In this case, the component is an OXIDE of iron, which is a compound containing oxygen and iron. OXIDE is a five-letter word that describes the iron component.