98% of world iron ore is used to make steel, which accounts for over 90% of all metals used in the world. Steel is used in building for so many things, from cars, trains and ships through to the high rise buildings in our cities and the bridges that connect us. Steel is used to create pipes, cars, ships, engines, roofs, nails, nuts, bolts, tools, machinery, in building & construction, to make white goods, in manufacturing, food cans and much more.
Magnetite is an iron oxide mineral that is generally black in colour and highly magnetic; the latter property aiding in the beneficiation of magnetite ores. Magnetite contains 72.4% iron, which is higher than hematite, but the presence of impurities usually results in magnetite ores having lower ore grade (generally 20-30% Fe) than hematite ores, making it more costly to produce concentrate for steel smelters.