Magnetite is a naturally occurring mineral composed of iron oxide, specifically Fe3O4. It is known for its strong magnetic properties, making it one of the most magnetic materials found in nature. Magnetite is often found in igneous and metamorphic rocks and can also form in sedimentary environments. This mineral is an important source of iron and is widely used in various industrial applications, including the production of steel. Additionally, magnetite is utilized in magnetic separation processes and as a pigment in paints and coatings due to its dark color and stability.