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Even if the holder is under the effect of Embargo or has Klutz, Speed is reduced by 50%. If the holder is a Flying-type Pokemon or has the ability Levitate, it is affected by Ground-type attacks, Spikes, Toxic Spikes, and Arena Trap, as if it did not have that type or ability. Iron Ball overrides Magnet Rise.
While Iron Ball's effects appear to be very negative, they become very useful when it is used against an opponent. Iron Ball, like many other items, halves the Speed of the Pokemon holding it. Unlike the other items, however, it also removes the immunities Flying-type and Levitating Pokemon receive. For this reason, Iron Ball is often paired with the move Trick. Once a sweeper, Flying-type, Levitator, or a combination of the three has Iron Ball Tricked onto it, it becomes severely crippled and unable to perform its job as effectively. This makes it easy to counter or set up on, aiding your team's overall strategy both offensively and defensively.
Iron Ball is also held by Pokemon who use the attack Fling. When Flung, Iron Ball becomes a 130 Base Power Dark-type attack. This offensive power makes it very appealing for Fling Pokemon, although utilizing Iron Ball can be somewhat difficult.
Before your Pokemon is unshackled from Iron Ball, it is forced to endure its negative side effects. While the halved Speed is something many Trick Pokemon must deal with (or enjoy, in some cases), Pokemon, such as Bronzong, will not enjoy losing immunities to Ground-type attacks, Spikes, or Toxic Spikes. Tricking Iron Ball can also be a gamble, since it's not up to the user which Pokemon is Tricked; if your opponent switches out to a slow wall, you basically lose one way to disarm a threatening Pokemon. The Pokemon who forfeit their items also miss out on Leftovers recovery or other item benefits, which few Pokemon enjoy losing. Still, Iron Ball does see use, proving that it can be used effectively in today's metagame.