Any ideas

[ismith26]

I have found this while at detecting at a school. About 8 inches down. It's heavy for its size and is slightly magnetic. Potential meteorite? Any input would be great.

 

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[FoundInNC]

My guesses: either slag, product of acetylene torch cutting steel, or rusted clump of steel. It is probably mainly rust (iron oxide) and I do not think that completely oxidized iron is magnetic, which explains the faint attraction to the magnet