It is still possible to get a ring made out of iron at all Camp One Universities (Toronto/Ryerson, and I believe now York and UOIT as well). I graduated in 2009 from UofT and got one, and I have friends who received their iron one this past March, 2013.
The Iron Ring is worn on the little finger ("pinky") of the working (dominant) hand
The ring (and ritual) is a great idea for the community and the idea behind it. I strive to include in my professional and non-professional life.
It also makes for good barstool chat since fewer people have heard of it compared to say the Hippocratic Oath.
Still have mine after all these years and it doesn't come off anymore, so I think I'll be taking it to the grave.
Now it is part of my person.
I just noticed that my own "iron" ring (which is stainless steel) doesn't seem to respond to typical magnets you'd find around the office.
Clearly _iron_ is though, considering it's the element with the symbol "Fe" which is short for Ferrum.
However even slightly magnetic can be a problem in an MRI - and worse, there is no practical way for the MRI tech to tell how the stainless steel will act, so they will err on the side of caution.
As far as I know my year (2005) was one of the last years that U of T still offered an actual iron version, as opposed to stainless steel (most other schools no longer did at that time). I'm not sure if it's still possible to get one today. Another option was to get an old ring from retired engineers who were no longer practicing and returned their ring to be used by the next generation... something that I thought was pretty amazing and humbling.