  We present the first correlated-electron theory of metamagnetism in strongly
anisotropic antiferromagnets. Quantum-Monte-Carlo techniques are used to
calculate the field vs. temperature phase diagram of the infinite-dimensional
Hubbard model with easy axis. A metamagnetic transition scenario with 1.~order
and 2.~order phase transitions is found. The apparent similarities to the phase
diagram of FeBr$_2$ and to mean-field results for the Ising model with
competing interactions are discussed.
