The iron itself is usually found in the form of magnetite (Fe₃O₄), hematite (Fe₂O₃), goethite(FeO(OH)), limonite (FeO(OH).n(H₂O)) or siderite (FeCO₃).

Ores carrying very high quantities of hematite or magnetite (greater than ~60% iron) are known as "natural ore" or "direct shipping ore", meaning they can be fed directly into iron-making blast furnaces. Iron ore is the raw material used to make pig iron, which is one of the main raw materials to make steel. 98% of the mined iron ore is used to make steel.

Iran with great reserves of Iron Ore can easily procure min. 40 million tons iron ore annually varying from concentrate to lumpy and fine iron ores which are exported and domestically used half-half.