Abstract: A ferrous metal strip is fed longitudinally by a set of power driven feed rolls, and a loop portion of the strip is magnetically suspended between two vertically spaced pairs of horizontally opposing magnetic bars or magnets positioned on an incline. The opposing magnets of each pair are spaced slightly greater than the width of the strip, and all of the magnets are laterally adjustable in unison with respect to a vertical center plane for accommodating strips of different widths. A curved strip guide member directs the strip from the feed rolls between the lower pair of opposing magnets and is movable to a retracted position for initially directing the strip from the feed rolls to an incremental stock feeder for a strip cutting or forming machine.