For the orbital ring? Not geostationary. Lots of little rings, say 10 meters wide, with attached solar panels, hanging stationary just 150 miles up, cabled to the ground. They're held up there by the momentum of the iron chunks, circling the earth at faster than orbital speed, each one deflected by the electromagnets of each little ring so it doesn't shoot out to a higher orbit.

Here's a video but that's a more advanced version that's actually solid all the way around the ring.