Iron will help restore the hemoglobin levels, but it usually takes time. It also depends on the dose of iron you are taking, and why you became iron deficient in the first place. If you are still losing iron slowly from the body, you may not be taking enough iron to replace it, so that normal levels can t be easily reached. You need to know the reason for iron deficiency and to treat that. This often results from mild bleeding in the gastrointestinal tract, such as ulcers or even colon cancer. In women, menstrual bleeding and pregnancy can lead to iron deficiency. So these things need to be taken into account when you are taking iron replacement therapy. As far as your hair, it depends on whether that is due to iron deficiency or some other problem. When the underlying problem is controlled, hopefully your hair will grow back, but there is no way to be certain without knowing the cause. Hope this helps.