1) Iron is an important component of hemoglobin, the substance in red blood cells that carries oxygen from your lungs to transport it throughout your body. Hemoglobin represents about two-thirds of the body's iron. If you don't have enough iron, your body can't make enough healthy oxygen-carrying red blood cells.
2) Iron is also stored in the liver, as ferritin or hemosiderin. Ferritin is a protein with a capacity of about 4500 iron (III) ions per protein molecule. This is the another form of iron storage.