IPA: /ˈfɛroʊˌmæɡnɪt/
KK: /ˈfɛrəʊˌmæɡnɪt/
A material that can be magnetized and retains its magnetic properties even after the external magnetic field is removed, similar to iron.
Iron is a common example of a ferromagnet used in many applications.
Ferromagnet → It is formed from "ferro-" (from Latin "ferrum", meaning iron) and "magnet" (from Greek "magnetis lithos", meaning the stone from Magnesia that attracts iron). The word "ferromagnet" refers to a material that is magnetically attracted to iron and can be magnetized itself.
Think of 'iron' ('ferro-') being attracted to a 'magnet' — that's why ferromagnet refers to materials that can be magnetized like iron.
No commonly confused words.