I'm interested in them as well but not very knowledgeable about them.
It looks too symmetrical to be a meteorite. And I've never seen one that has a "linear" look to it. Also seems too flat and round at the one end which makes me think it was man made. (Flat from pounding on the one end with a hammer?)
The first leap in iron technology was when the folks in the middle east discovered how to fuse meteorites together into
tools or other objects. The merchants who ran the camel caravans often traveled at night and often observed meteorites
fall to earth. As the technology grew so did the value of meteorites.The fusion process gradually evolved into what we call
the Damascus process which involved folding small pieces of steel together
into larger shapes.
I think Creskol is correct. It is PROBABLY iron limonite which set into a petrified log. It is a very awesome find, whatever it is. And yes, it would be magnetic as such.