This is used as a counter for the episode. The kanji 『第』can mean “No.” or residence. The kanji『話』in this context is used as the counter for the episode. So put together we have something like “Episode No. 5” or “Episode 5” for short.
『鉄』just means “iron”. If you are familiar with Attack on Titan (進撃の巨人) you will be familiar with 巨人. If that isn’t the case then, 『巨人』 literally just means “giant person” which can be shortened to just “giant”. So together we have “Iron Giant”. Reminds me of that movie that marathoned on Cartoon Network a lot when I was a kid.
Just in case you don’t know what that movie is here is The Iron Giant trailer:
This is a verb. A verb so old it follows the nidan verb grouping when they had more different verb groups than we do today. There are only three groups now, ichidan (いるーverbs and えるーverbs), godan (うーverbs) and the irregular verbs like 来る and する. This is the first time I’ve come across an archaic verb so I had to look this one up. It just means “to appear”.
So all together we have “Episode 5 – Iron Giant Appears!
From what the professionals have it’s not too bad. This show is pretty good. This anime was quite the ride. It is about these three girls who want to create anime. The strangest thing that sticks out to me in this show is how some of the main girls talk. They sound like old men. This title makes it even more evident that is what they are going with. Kind of jarring yet interesting to pick up on.
Here’s a PV: