Old iron in fire oddly present (5)
I believe the answer is:
offer
'present' is the definition.
(thesaurus)
'old iron in fire oddly' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'iron' becomes 'fe' (Fe is the chemical symbol for iron).
'in' indicates putting letters inside.
'oddly' indicates alternate letters.
The alternate letters of 'fire' are 'fr'.
'fe' inserted into 'fr' is 'ffer'.
'o'+'ffer'='OFFER'
(Other definitions for offer that I've seen before include "Proposal; reduced price" , "Suggest" , "Attempt" , "Present to or make a bid" , "Propose; make available" .)