The Iron Giant will most likely start the battle off with Crush, which will inflict Instant Death on one character. If the Iron Giant is attacked with magic it may counter with Meteor which can cripple an unprepared team.
Rosa or Porom can revive fallen characters. Casting multiple Blinks (or Mirage, if using Edge) avoids physical hits altogether. Protect can be used to raise defense for when Blink wears off. Other team members should use Spider Silks to slow Iron Giant down. A character equipped with the Ogrekiller can deal massive damage.