Sounds like the same (black) paint I used on my own gates, several years ago. It's been absolutely fine, apart going dull, due to UV. It's on both my garden gate, and my two big drive gates, which are galvanised, then originally black painted.
mild steel (even with its low carbon content) will still have a higher carbon content and will be stronger but less workable. than wrought iron, I thing wrought iron can have a lot of impurities/slag mixed in with it.
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