A ferromagnetic, high strength, corrosion resistant material for use in electromagnetic equipment. The material comprises Cobalt or Nickel or a combination of these elements in an amount equal to or greater than 60% by weight, with the balance comprising one of a group consisting of Beryllium, Lithium, Aluminum, or Titanium. In different embodiments of the invention, 3% or less of the material comprises Beryllium, with the balance comprising Nickel or Cobalt. The material provides adequate yield strength for use downhole in wellbores, is highly resistant to corrosion induced by downhole well fluids and sea water, and has high ferromagnetic characteristics suitable for use in solenoid valves and other downhole well equipment.