Iron occurs at very low concentrations in seawater and seems to be a limiting factor for primary production in the equatorial Pacific and the Southern Ocean. The global distribution of iron is still not well understood because of a lack of data and the complex chemistry of iron. We develop a 10-box model to study the oceanic distribution of iron and its effect on atmospheric CO2 concentration. Subject to our assumptions, we find that a lack of interocean fractionation of deep sea iron concentrations, as suggested by Johnson et al. [1997a], is not readily explained by a balance of eolian deposition, scavenging, and regeneration. Incorporation of organic complexation in the model, as suggested by Johnson et al., to reduce the scavenging rate of iron when concentrations fall below some ligand-stabilized concentration, is one solution to this difficulty. Alternatively, the deep-sea concentration may be more variable than the current, rather sparse data coverage suggests. In the model, deep-sea iron concentrations are responsive to the atmospheric source, even if we adopt stabilization of concentrations by a ligand as modeled by Johnson et al. [1997a]. In the Southern Ocean, where the model suggests iron supply has an important limiting effect on the biota, more than 99% of the iron supply to the surface in the present day comes from upwelling and not from the local atmospheric flux. In the context of glacial-interglacial changes to atmospheric CO2 the model suggests that increasing atmospheric iron to the entire global ocean by a factor of 2, leads to decreases in atmospheric CO2 of 10--30 ppm, depending on assumptions. However, in our model, CO2 concentrations are almost unaffected by changes in Southern Ocean atmospheric fluxes alone, unless these are unrealistically large (> 100 times present day). The effect on atmospheric carbon dioxide is slightly stronger if accompanied by increased stratification of the Southern Ocean. The model suggests that eolian iron fertilization of the ocean could have importantly influenced glacial atmospheric CO2 concentrations but that other processes must also be at work to account for the full magnitude of the glacial-interglacial change. ¿ 1999 American Geophysical Union