1. Iron in Fe2+ state transported out via ferroportin
2. Hephaestin in basolateral membrane converts Fe2+ → Fe3+
3. Fe3+ binds to transferrin (transport form)
4. Fe3+-transferrin complex
5. Marrow → Soluble transferrin receptors: Bind Fe-transferrin complex
6. Transferrin released into circulation
7. Fe3+ taken up for erythropoiesis