According to the Sharkhead Isle description on the City of Villains homepage, it is probable that her real name is Darla Sinclair. It was with her support and encouragement that Scrapyard led the miners against the Cage Consortium.
It has also been speculated that Iron Billy is her son.
Iron Widow is the secretive leader of the Scrapyarders ever since the murder of Scrapyard at the hands of the deadly Captain Mako. She handles most of the Scrapyarder operations out of Paragon City to avoid death at the hands of Cage Consortium and Arachnos assassins who find her agenda to disrupt their operations on the Rogue Isles.
Iron Widow says the following during the mission Kidnap Iron Widow from the Council base:
Once free: Are you with the Scrapyarders or just another mercenary?
At the mission exit: Who are those men outside? Where are they taking me?