Steps for building openssl for iOS

build-openssl-ios-steps.sh

# Make a directory in which to run the build
mkdir ~/openssl-ios
cd ~/openssl-ios

# Download the openssl source (verify the file before using it in production!)
curl -O http://www.openssl.org/source/openssl-1.0.1e.tar.gz

# Download the openssl iOS build script
curl -O https://raw.github.com/Raphaelios/raphaelios-scripts/master/openssl/build-openssl.sh

# Make the build script executable
chmod +x build-openssl.sh

# Run the script (takes about 3min on an Intel Core i5)
./build-openssl.sh

# Verify the architectures built
lipo -info ~/openssl-ios/lib/*.a

# Example output:
#
# Architectures in the fat file: libcrypto.a are: armv7s armv7 i386
# Architectures in the fat file: libssl.a are: armv7s armv7 i386

This is out of date with iOS 7 and the new 64-Bit OS.