Making your most productive city your capital, running Bureaucracy and building the Ironworks there provides a very strong base for building wonders. Alternatively, stacking this wonder with the Moai Statues, the Heroic Epic or West Point can be highly effective.
As mankind's dependence on metals increased through the ages, it became very important to cheaply and effectively separate the base metal from impurities. The process of smelting, through the use of a structure called a blast furnace, achieved just that. Using carbon dioxide created from oxidized coke to absorb the oxygen from the molten iron, it leaves the metal slag to sink to the bottom of the furnace. This separation allows for a pure iron to be derived, which is then used for numerous purposes, including the creation of steel.