is Steel a flexible material? How does it compare to Iron in regard to flexibility?

Answer 1

Iron is the base part of steel!
Steel is just Iron + "other compounds", such as nickel, carbon, chrome and so on.
So, yes steel is "flexible", like iron. Only the compounds are going to make "some" difference.

Answer 2

Steel could be more flexible than iron depending upon the exact composition but in general, steels are less flexible because of carbon content (basically steel = iron + carbon + other additives; carbon is a must for steel). For a comparison, you can look at different types of steel here:
http://en.wikipedia.org/wiki/Steel