Iron Monger can win at range if he really unloads with his guns and missiles, but Killian is much faster and a more skilled fighter, plus has the damage output to pick his suit apart. And he's no slouch in the toughness area either. Survived being inside one of Tony's suits after he triggered the self-destruct setting, and could even regenerate entire limbs WAY faster than someone like Fox Deadpool can. And, IIRC, he could even breath fire.