Probable transcription factor that activates the genes for FRE1, FRE2 and FET3 in response to iron deprivation (PubMed:7720713, PubMed:9200812). Also required for the expression of LSO1 (PubMed:26450372). Iron could interact directly with AFT1 and inhibits its activity (PubMed:7720713). Two-fold reduction in expression of LSO1. Present with 2730 molecules/cell in log phase SD medium.