3 H2 + 6 FeSO4 + 3 O2 → 2 Fe(OH)3 + 2 Fe2(SO4)3
This is an oxidation-reduction (redox) reaction:
6 H0 - 6 e- → 6 HI (oxidation)
6 FeII - 6 e- → 6 FeIII (oxidation)
6 O0 + 12 e- → 6 O-II (reduction)
H2 is a reducing agent, FeSO4 is a reducing agent, O2 is an oxidizing agent.