Hmm, yup. That's how it works out. If they were classified as discrete spells, it's basically...

Melding Iron: He can meld iron (or any alloy with 50% iron) into any form that makes physical sense.
Iron Manipulation: He can manipulate small pieces of iron around him (2 metres?) without touching them, like a psychic. Which allows him to stop bullets. But who uses iron bullets anyway? Everyone uses lead.