Scrap Products are the most commonly used ferrous metals are carbon steel, stainless steel, cast iron, and wrought iron. Carbon steel is an alloy that contains varying amounts of carbon, while stainless steel contains chromium and nickel to resist corrosion. Cast iron is a hard, brittle alloy that is often used in the production of machinery and tools, and wrought iron is a malleable, ductile alloy that is commonly used in ornamental applications.