Final answer:
Hard steel is known for retaining its magnetization over time, making it suitable for permanent magnets, although it lacks the maximum magnetic strength that soft iron has when magnetized.
Step-by-step explanation:
True, hard steel does retain a relatively large amount of its magnetism after being magnetized but does not have the magnetic strength of soft iron when it comes to being magnetized in the first place.
Soft iron is preferred for making electromagnets because it can become highly magnetic when an electric current is passed through a coil surrounding it; however, it loses its magnetism quickly once the current is removed. In contrast, hard steel is often used to make permanent magnets due to its ability to retain magnetization, which is known as high retentivity, over a longer period, even when external magnetic fields are removed or after repeated use where it might receive hard knocks.