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Iron ore is a mineral substance which, when heated in the presence of a reductant, yields metallic iron (Fe). It almost always consists of iron oxides, the primary forms of which are magnetite (Fe3O4) and hematite (Fe2O3). Iron ore is the source of primary iron for the world's iron and steel industries. It is therefore very essential for the production of steel. The largest iron ore producing nations in the world are Russia, Brazil, China, Australia, India and the USA. The iron ore production in India is around 120 million tonnes. Hospet and Bellary regions of Karnataka alone contribute to around 15 million tonnes of Iron Ore.