Iron ore is a very common example of a sedimentary rock. 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).
The primary use of iron ore is in the production of iron. Most of the iron produced is then used to make steel. Steel is used to make automobiles, locomotives and ships, beams used in buildings, furniture and paper clips, reinforcing rods for concrete, bicycles, and thousands of other items. It is the most-used metal by both tonnage and purpose.