Wouldn't it depend on the portion size of the red meat? And the type of red meat?
I eat red meat most days, but have very small portion sizes (120-130g steak MAX)
Lamb is higher in fat than beef, and if you get the heart smart cuts, they are fairly low in fat and cholesterol too. If you're concerned, I would have it 2-3 times per week.
I agree with MR, that you need to have Vit C to absorb the iron properly.