It's not 100% iron. Contained roughly 5% impurities
The following stuff may not be found in your textbook.
Those pig iron extracted from the blast furnace will be further
processed by injecting liquid oxygen into the molten iron. Purpose?
To remove impurities by formation of acidic oxide e.g. SO2, and
also promote removal of excess carbon to form CO2.
Removal of C, means you'll get a Low-carbon steel.
For more, read up at http://en.wikipedia.org/wiki/Basic_oxygen_steelmaking