Abstract: The essence of the device resides in the fact that an electromagnetic system is provided with an additional pair (3) of pole pieces (5) mounted opposite a first pair (2) and displaced into respect to the latter, lengthwise a longitudinal axis (0.sub.1 --0.sub.1) of a component (15) to be machined, for a distance L=(0.2 to 1.0)D, where D is the diameter of the pole pieces, said pole pieces (4;5) in each of the pairs (2,3) being kinematically associated with each other, set on a common axis of rotation (0--0) and featuring an oppositely directed eccentricity (e) with respect to that axis.

Abstract: A ferromagnetic abrasive material containing a ferromagnetic component including an iron-aluminum-silicon-phosphorus-carbon alloy and an abrasive component including aluminum and silicon oxides, carbides, nitrides and phosphides, the ingredients being used in the following proportions (in % by weight):______________________________________ iron 75-97 aluminum 0.2-16.0 silicon 0.2-18.0 phosphorus 0.005-1.5 carbon 0.005-4.0 oxygen 0.05-3.0 nitrogen 0.01-0.5 including oxides, carbides, nitrides and phosphides 0.01-5.0. ______________________________________A method for preparing said ferromagnetic abrasive material comprises melting an iron-aluminum-silicon-phosphorus alloy, adding carbon to the resultant melt and subsequently overheating the melt containing iron, aluminum, silicon, phosphorus, carbon above the temperature corresponding to the beginning of solidification by 50.degree.-200.degree. C. Then a jet of the melt Fe--Al--Si--P--C is atomized to obtain pellets of a size smaller than 1.