Iron is quite easy to recycle.. 
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He lost /all/ the bets about this
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We really need to give intellectuals an education in economics. I'm listening to a history of the Gilded Era right now and it's baaaad.
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And/or consumption. A LOT of things stopped using iron (think cars, but other stuff, too). Primary steel manufacturing anymore relies on minimills, and has since the 80s, and AFAIK scrap is a bigger part of the picture.
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If we run out of Iron in 2000 years we can just wait out the next ice age...
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