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The typical magnetite iron-ore concentrate has less than 0.1% phosphorus, 3–7% silica and less than 3% aluminium. Currently magnetite iron ore is mined in Minnesota and Michigan in the U.S., Eastern Canada and Northern Sweden.

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The main iron mineral in magnetite ore is the ferrous iron oxide magnetite (Fe 3 O 4). Magnetite ore requires complex processing to separate magnetite minerals from other minerals in the ore to produce an almost pure magnetite concentrate with an iron content of between 68% Fe and 70% Fe that is highly sought after by steel makers.

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