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…showed last 75 words of 321 total…to prevent oxidation, also known as rust. Iron is an essential part of a healthy diet. Iron compounds are employed for medicinal purposes in the treatment of anemia, when the amount of hemoglobin or the number of red blood corpuscles in the blood is lowered. Iron is a component of the complex compound in red blood cells called hemoglobin. This substance is responsible for carrying oxygen from your lungs to the rest of your body.