Mischmetal is a well-known rare earth alloy produced by fused electrolysis of four light lanthanide elements, which constitute more than 90% of the rare earth metals (REMs). This particular alloy is widely used for steelmaking due to great demand for various industrial and commercial applications. Approximately 4,000 metric tons of mischmetal, worth around $46 million, are added to liquid steel every year. Typical mischmetal content for the steelmaking industry varies from 95 to 98% REM content, with 0.5 to 5% iron to lower the melting point temperature and to make casting easier for any shape. Residual impurities range from approximately 0.1 to 1% and include magnesium, aluminum, silicon, calcium, nitrogen, hydrogen, and oxygen, among others.