Iron gets magnetized faster but loses its magnetism as soon as the inducing magnet is removed. Hence soft iron is said to have high susceptibility but low retentivity. This property of soft iron is very useful in making temporary electromagnets where we need strong but temporary magnets. If the magnets used in these devices were to retain their magnetism for a longer period, the devices would not function properly.
Steel is slow to be magnetized but retains the acquired magnetism for a long time. Steel is said to have low susceptibility but high retentivity. Steel is used for making magnets.
