making a small new recording from a larger one

I have an mp3 file that is approximately three hours long. What I want to do is make a copy of a section of that recording that is approximately eight minutes long. The final end-product would be that approximately eight minutes. My operating system is Windows 10 and I have Audacity 3.2.1.

Import the mp3 to an Audacity project.

Select all audio before the segment you want to keep, and Delete
Select all audio after your segment, and Delete

Export what remains as an mp3, giving it a unique name and optionally a new folder to keep it in

Import the mp3 to an Audacity project, (can just drag’n’drop).
Select the audio you want to keep. Then trim, (“Ctrl”+“T”), to visibly delete the rest.
Then mix & render to actually delete the ~3 hours still hidden in the short “smart clip”.

[ Try to avoid saving as mp3 format as it is a lossy format:
WAV or FLAC are better quality, but bigger file-size than MP3].