Blender 3D: Noob to Pro/Every Material Known to Man/Iron< Blender 3D: Noob to Pro | Every Material Known to Man
This is an iron texture that I experimented with in comparison to some real iron. You can tweak it to your preference to see if it can look better.
Material Tab - Color
R=0.6 G=0.6 B=0.5
Diffuse Shader - Lambert
Specular Shader - CookTorr
Mirror Transparency Tab
Ray Mirror On
Ray tracing should be enabled in the render settings. This can be done by going to the scene group (F10) and, under the Render Tab, clicking Ray.