From what we know I don't think it makes sense. Unless of course they just insert iron lord out of nowhere. But who knows dear, perhaps he was, but I don't think so
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There may have been Iron Lord previously unmentioned or rarely mentioned. Segoth, for instance. The artifacts Segoth's Head is the helmet of a Titan, embellished like Iron Banner gear. There's a quote from Skorri or Efrideet (I forget) that says that the Iron Lords ended up fighting each other at some point. Segoth may have been an Iron Lord, there could be others.