Used as a crafting ingredient in other recipes.

Smelt Red Iron Compound to get Red Alloy Ingots.

Smelting in an Electric Arc Furnace will produce 2 Red Alloy Ingots.

A vastly superior alternative to Redstone Wire, Red Alloy Wire is not restricted to the ground only. It can be placed on walls, ceilings, around corners, and Redstone signals transmit up to 100 blocks.