Fe2O3 is the molecular formula for iron(III) oxide, or hematite. Fe2O3 is an inorganic compound containing a central oxygen atom with two iron atoms attached by single ionic bonds. Each iron atom also has a double-bonded oxygen attached.
The other main oxides of iron are FeO and Fe3O4. Fe2O3 is the most important iron ore because of its rich abundance; it is the main source of iron for the steel industry. Hematite appears as a reddish-brown, magnetic solid that is insoluble in water. According to the Encyclopaedia Britannica, the world's largest production of hematite comes from a sedimentary rock deposit in the Lake Superior district of North America.