Crimsteel Reel is one of the materials to craft 
Crimsteel Rod in Rod Crafting table.
Recipe
You can smith reels using Anvil.
| Smithing Level | Material | Materials Required | XP for forging | Sells for |
|---|---|---|---|---|
| 36 |  Crimsteel Reel |
4x Crimsteel Bar 3x Threads |
520 | 2040 |