Almost all (98%) of globally produced iron ore goes to making steel. Steel is an alloy of (mostly) iron, carbon and other elements with carbon content less than 2%. Steel is the most used and important engineering material in the world due to its high strength relative to weight and cost effectiveness. The usage of iron (in steel) is about 20 times more than all other metals usage put together. About 60% of iron and steel products are used in construction and transportation. 20% are used in machinery manufacture.
The rest are used for packaging, in power and energy sectors and in various household appliances and other equipment.