Cast iron is a ferrous alloy consisting of 2-4.5% carbon and small amounts of other elements. It is produced through a process of melting and pouring pig iron and other scrap materials into molds to solidify into parts. There are four main types of cast iron - grey, white, malleable, and ductile - which have different carbon contents and properties suitable for various applications. Common uses of cast iron include cookware, engines, automotive parts, and pipes due to its heat resistance, ability to form complex shapes, and moderate strength.