There was definitely at least one settlement in the Iron Hills, the seat of Grór and his descendants, but we're given no indication of its name or precise location. Following the pattern of Erebor (which stood on the spring of the river Celduin) it was perhaps close to the sources of the Carnen that rose in these hills, but that is no more than speculation.

We're not specifically told why the Iron Hills were called the 'Iron Hills', but given the Dwarves' affinity for mining and metalwork, the connection with deposits of iron seems to be implied. This conclusion is supported by the Carnen or Redwater river that ran out of the hills; reddened river water is associated with deposits of iron.