Wrought iron is characterised by how it has been squashed/beaten into shape.
Also, one could wring water from a cloth by strong physical manipulations.
I assume these words have a common origin, but I don't think we say "the blacksmith is busy wringing iron" or "the cloth has been wrought to merely damp".
What's the story here? Why don't we say "wringing iron" or "a wrought cloth"?