Fe3O4, commonly known as magnetite, is a naturally occurring mineral composed of iron oxide. It has a chemical formula of Fe3O4, indicating it contains both Fe^{2+} and Fe^{3+} ions. Magnetite is notable for its magnetic properties, making it one of the most important iron ores used in the production of iron and steel. This mineral is typically found in igneous and metamorphic rocks and can also form through the alteration of other iron-rich minerals. Due to its magnetic characteristics, Fe3O4 is used in various applications, including magnetic storage media and as a catalyst in chemical reactions.