Terrence Howard is set to join Robert Downey Jr. in “Iron Man.” The Jon Favreau-directed film is the first to be coined through a financing arrangement that Marvel Studios formed with Merrill Lynch. Paramount Pictures releases the film May 2, 2008. Howard will play Jim “Rhodey” Rhodes, the confidante of Iron Man’s alter ego, Tony Stark. Rhodes, a high ranking military officer and aviator, steers the team that develops the robotic suit that allows the sickly Stark to fly around and battle bad guys. In the comic, Rhodes’ character gets his own armored suit and evolves into an occasionally antagonistic character called War Machine. That development seems likely to be saved for the sequel, though, as Iron Man will battle villain the Mandarin when shooting begins in February in L.A.