The chemical name for Fe2O3 is iron (III) oxide, which is also called ferric oxide. This compound is inorganic, red-brown in color and odorless. It is often referred to as rust, although moisture has to be present for rust to occur.
Iron (III) oxide is commonly used to produce iron. It's also used in calamine lotion in the medicine industry, and jewelers also use it for polishing jewelry. The compound also previously played a role in magnetic storage media, although newer technologies have replaced this use. Iron (III) oxide has a density of 5.242 grams per cubic centimeter, and it is not soluble in water.