Final answer:
Magnetism is the property that allows certain objects to attract materials like iron or steel, working through a magnetic field that diminishes with distance.
Step-by-step explanation:
The property responsible for the attraction of iron or steel is magnetism. Magnetism is a force that enables certain objects, known as 'magnetic' objects, to exert forces on each other even when they are not in direct contact. This happens through the presence of a magnetic field that surrounds a magnetic object.
This field diminishes in strength as the distance from the magnetic object increases, but it can still influence other magnetic or ferromagnetic materials such as iron or steel. Objects with substantial amounts of such materials can feel a magnetic force due to the interaction with the field. Lodestone, a form of magnetized iron oxide known as magnetite, is an example of a natural magnetic object that has been known to humans for millennia.