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With wrought iron furniture, especially outdoor furniture, rust is typically a big problem. Remove as much surface rust as possible using a wire brush or sandpaper, then spray with a rust resisting paint to prevent any further damage. Usually painting the whole surface is the only option to keep the item uniformly painted.
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The most common tools needed for furniture repair are a flat screwdriver, a Phillips screwdriver (+ shaped) and a rubber hammer. A rubber hammer will not damage the surface of the wood but is it still important to provide additional padding and only use as much force as necessary.