Cut iron yields, sporadically deficient (7)

I believe the answer is:

sirloin

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'cut' is the definition.
(sirloin is a kind of cut)

I can't explain the remainder of the clue.

(Other definitions for sirloin that I've seen before include "Type of steak" , "Joint of beef" , "Good cut of beef" , "Quality cut of beef loin" , "(Knighted?) cut of meat" .)

I've seen this clue in the Sydney Morning Herald.

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