I heard about that - a crowbar dropped from orbital height will create a very localized hit capable to destroy everything (its speed on ground hit would be several times hypersonic, for a low earth orbit of 200 km, speed at ground would be 1400m/s or 3000 miles/hour). Descent time would be 300 seconds since launch (drop).
However, one thing not everyone consider (I didn't until I heard of it) is that at low earth orbit that rod is flying with 7 km/s or 4 miles per second, and to "drop" it you need to stop it first. Also, as there is no air at that height, you can't really use wings to stop the rod. So, you will wase 7km/s of kinetic energy to obtain 1.4 km/s kinetic energy.
A rod will have a better shape than an artillery shell - however, take into account that even penetrating rounds (having 1.4 metric tons, or 2500+ pounds) are not accurate enough at their first hit (anti bunker fire missions fired first some shells to "calibrate" the hit. So even a tungsten rod will need help to hit small things at 50 miles (assuming the rod is propelled at 3000 miles per hour, it will fly for a minute and a half. They won't have such a great accuracy