Earth’s most important iron ore deposits are found in sedimentary rocks. They formed from chemical reactions that combined iron and oxygen in marine and fresh waters. The two most important minerals in these deposits are iron oxides: hematite (Fe2O3) and magnetite (Fe3O4). These iron ores have been mined to produce almost every iron and steel object that we use today – from paper clips to automobiles to the steel beams in skyscrapers.