The overall chemical reaction is:

Fe + Fe2O3 + 6HCl -> 3FeCl2 + 3H2O
3FeCl2 + 3H2O + 3/2O2 -> 3Fe(OH)3 + 3HCl
3Fe(OH)3 + 3H2SO4 -> Fe2(SO4)3 + 6H2O

So, the process involves the reaction of iron (Fe) with iron(III) oxide (Fe2O3) in hydrochloric acid (HCl) to form iron(II) chloride (FeCl2) and water (H2O). The FeCl2 is then further oxidized with air to form iron(III) hydroxide (Fe(OH)3) and more hydrochloric acid. Finally, the Fe(OH)3 is reacted with sulfuric acid (H2SO4) to form iron(III) sulfate (Fe2(SO4)3) and water.