Very simply put, magnetite works the same way as limonite used to work before the last big iron rework, dump carbon dust in a crucible and mix it up. Now that limonite smelts into hematite (and hematite needs some sort of flux in the form of calcite, which is an old change) you can treat magnetite as you would have treated limonite back before.
Or really, just… like magnetite has always worked ever since the dark ashes rework.
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