Reaction is:
Fe + H2O Fe3O4 + H2
1) First balance atom other than H and O, so balance Fe
3Fe + H2O Fe3O4 + H2
2) Then go for O
3Fe + 4H2O Fe3O4 + H2
3) Lastly balance H
3Fe + 4H2O Fe3O4 + 4H2
Now, all atoms are balanced.
Thus, Balanced equation is:
3Fe + 4H2O Fe3O4 +4H2