Fe²⁺, or ferrous ion, is a positively charged ion of iron with a charge of +2. It is formed when iron loses two electrons. This ion is important in various biological processes, including oxygen transport in blood, where it is a key component of hemoglobin. In addition to its biological significance, Fe²⁺ plays a crucial role in industrial applications, such as in the production of steel and other alloys. It can also participate in chemical reactions, acting as a reducing agent in various processes, including photosynthesis and corrosion.