Ferromagnetism denotes the phenomenon whereby defined ferromagnetic solids (the word being derived from the Latin ferrum = iron) retain at least part of their magnetization even after becoming separated from an external magnetic field.
This also means that these materials are also attracted by other magnets and endeavor to form a magnetic field. This process is the opposite of induction in respect of diamagnetic or paramagnetic material. However, after separation from the magnetic field no magnetic flux remains.
This process is characterized by a hysteresis loop. This is an indicator of magnetic behavior as a function of the magnetic field. The most typical ferromagnetic elements are iron, cobalt and nickel. Certain alloys made from these ferromagnetic elements manifest identical properties.