Final answer:
The statement is true. Hard iron or steel can be used to create permanent magnets, as these materials have the ability to maintain a magnetic field for a long time.
Step-by-step explanation:
True— when magnetized material maintains its magnetic field over a long period, it is termed a permanent magnet. Materials like hard iron or steel are often used to create permanent magnets. These materials, particularly steel, can retain magnetism for an extended time even when they are not under the influence of an external magnetic field, making them suitable for permanent magnetic applications.
Ferromagnetic materials like iron, cobalt, nickel, and gadolinium, as well as alloys of rare earth elements such as neodymium, are capable of being magnetized, meaning they can become permanent magnets. Once a ferromagnetic object is magnetized, the microscopic magnetic domains within the material align in such a way that the object exhibits a net magnetic field, enabling it to function as a permanent magnet.