Won't help.
A lot of Iron has carbon above 2% required for steel (Steel being around 1.5 and 2% I think). So we first need to figure out how to get rid of the carbon, then reintroduce it in the desired quantity.
Luckily, our people rather like experimenting, so it's plausible to happen in the next few centuries. That is to say, they figure out how to get rid of the carbon, reintroduce it in the right quantity and notice steels different properties.
What will be much more relevant is wrought iron and blast furnaces. China basically used those for mass producing iron weapons and tools by just pouring the molten metal in forms, which allowed them to make truly staggering (for the time) amounts of equipment.