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The 44-year-old actor plays industrialist Tony Stark and his metal-suited alter ego in the original blockbuster, which has made more than £366 million worldwide since its 2008 release.
Director Jon Favreau described Downey Jr as a "real partner" in an interview with Empire. "He's been very involved in the screenplay. When he went away to do Sherlock Holmes he was still part of our creative process," he said.
"Even in the first film, where he was originally a hired gun playing the role, he really stepped up to rewrite scenes - he's a great writer, too. So we really are sharing the responsibilities."
Downey Jr said that producers have resisted the urge to "skate through a sequel".
"We are grinding our minds and hearts in the ground on this movie," he said.
Gwyneth Paltrow, Scarlett Johansson, Mickey Rourke and Samuel L. Jackson co-star in the film, which is scheduled to be released next year.
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