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Magnetite

Magnetite is a valuable source of iron ore and is mainly used in making steel. Magnetite is a ferrimagnetic mineral with definite north and south poles and a chemical formula Fe3O4, one of several iron oxides and a member of the spinel group.

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Magnetite is a rock mineral and one of the main iron ores, with the chemical formula Fe₃O₄. It is one of the oxides of iron, and is ferrimagnetic; it is attracted to a magnet and can be magnetized to become a permanent magnet itself. It is the most magnetic of all the naturally-occurring minerals on Earth

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