Iron Ore is the basic raw material used for the iron and steel making industry. Although iron has many specific uses (pipes, fittings, engine block), its main use is in the production of steel. Steel has several desirable properties. Making it the main structural metal in engineering and building projects and accounts for 90% of all metal used each year. Several types of steel exist containing varying amounts of iron alloyed either with other metals (chromium, manganese, nickel, molybdenum) or carbon to increase strength and durability.

Most iron ores mined today comprise the iron oxide minerals hematite, Fe2O3; goethite, Fe2O3,H2O, limonite, a mixture of hydrated iron oxides and magnetite, Fe3O4. Australia, China, Brazil, South Africa and Sweden are the world’s major iron ore producers and exporters, accounting for more than 88% of the world's iron ore exports.