The slurry phase Fischer–Tropsch (F–T) activity of three α-Fe 2O 3-based materials, two unsupported nano-sized, NANOCAT (3 nm) and BASF (20–80 nm), and a supported micron-sized (32.5 μm) UCI, are compared with respect to total hydrocarbon production from synthesis gas (H 2/CO∼2/1) at 513 K. Low temperature Mössbauer spectra of the quenched slurry samples after 120 h on-line show that all three catalysts are essentially a mixture of oxide and carbide phases with magnetite (Fe 3O 4) being the dominant phase. TEM images of the quenched samples reveal unexpected particle characteristics. While both unsupported nano-sized materials essentially avoid expected agglomeration, the micron-sized UCI transforms into nano-sized material. These results suggest a crucial role of nano Fe during F–T synthesis.