Ferromagnets Ferromagnetic materials are materials that have magnetic properties similar to those of iron. They can become permanently magnetized. Magnetic fields are produced by currents. Permanent magnets are the result of magnetization currents flowing inside the material. The magnetization currents in materials are a consequence of the electron's spin.
Electrons have an internal property, called spin.
Because they have spin, they have a magnetic moment, similar to a small current loop. Electrons by themselves act like tiny magnets. If you pick an axis, an electron's magnetic moment can either be parallel or anti-parallel to this axis. In an atom the electrons are arranged in orbitals. An orbiting electron can have an additional magnetic moment similar to the magnetic moment of a tiny current loop.