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We theoretically investigate the electronic and magnetic structure of Fe<inline-formula> <math display="inline"> <semantics> <msub> <mrow></mrow> <mn>2</mn> </msub> </semantics> </math> </inline-formula>Hf. The density functional theory calculations are shown to produce the negative, easy-plane, magnetic anisotropy in the hexagonal Fe<inline-formula> <math display="inline"> <semantics> <msub> <mrow></mrow> <mn>2</mn> </msub> </semantics> </math> </inline-formula>Hf. Antimony substitution suppresses the planar magnetization direction and favors the uniaxial magnetic anisotropy, in agreement with experimental observations. Our study suggests the possibility of the chemical control of the magnetic anisotropy in Fe<inline-formula> <math display="inline"> <semantics> <msub> <mrow></mrow> <mn>2</mn> </msub> </semantics> </math> </inline-formula>Hf by Sb substitution, and illustrates the potential of (Fe,Sb)<inline-formula> <math display="inline"> <semantics> <msub> <mrow></mrow> <mrow> <mn>2</mn> <mo>+</mo> <mi>x</mi> </mrow> </msub> </semantics> </math> </inline-formula>Hf<inline-formula> <math display="inline"> <semantics> <msub> <mrow></mrow> <mrow> <mn>1</mn> <mo>−</mo> <mi>x</mi> </mrow> </msub> </semantics> </math> </inline-formula> Laves phase alloys for the permanent magnet applications.