Irritatingly, I have had chuck jaws ( the hard type) become magnetic and then it's a pain clearing the fine swarf from the jaws when inserting the workpiece. Likewise tool steel lathe cutters, and some milling cutters and even the hard steel capscrews in the tool-holder. This only occurs in the hard steel bits on the lathe – I have never had issues with the lathe structure. I am not sure how, for example, the chuck jaws, become magnetic but they do so repeatedly. I demag all the bits with a homebrew demagnetiser, and all is well for a few weeks. There is that high-school science trick where you align a hard steel rod say North/South, hold it so and smack the one end with a hammer a dozen strokes – it becomes magnetic – maybe I should stop smacking the lathe so hard….
Joe