Ironman once saved a Russian scientist Anton Vanko a.k.a. the Crimson Dynamo. Now his son is after Tony Stark, and Ironman.

Tony Stark (Robert Downey Jr.) is now on a hot seat. After revealing that he's Ironman, congress is asking him to pass over his Ironman suit in the name of National Security. Tony Stark is feeling his mortality as his chest implant is failing, and passes his CEO job to Pepper (Gwyneth Paltrow) Meanwhile in a dark lab somewhere, son of Anton Vanko is creating second Crimson Dynamo suit. They butt heads of all places at Monaco Grandprix. Will Tony Stark/Ironman be able to convince the new Crimson Dynamo to stand down like he did with his father ?

Why they didn't go with the original Crimson Dynamo's suit design is beyond me. He was one of the more interesting character in the Ironman series. The problem might have been he was a Russian agent, and that country no longer exists. But in any case, the new Crimson Dynamo is not in the caliber as the original, and didn't seem as worthy opponent to Ironman. When the antagonist isn't good, the story suffers. The voltage of this second Ironman was lower than that of the first.

So my take is, they better bone up on Ironman saga, and come up with a better story next time.