Crossword Genius

Scrap iron finally extracted from odd hobnails (7)

Ross

I believe the answer is:

abolish

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'scrap' is the definition.
(I've seen this before)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for abolish that I've seen before include "delete" , "Nullify" , "Put an end to (something)" , "ditch" , "Terminate" .)

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