A continuous method of manufacturing permanent magnets and the permanent magnets created thereby. A fine powder is created from a combination of magnetic metals. The powder (a metal alloy) is placed in a non-magnetic container of any desired shape which could be, for example, a tube. The metal alloy and tube are swaged while a magnetic field is applied. Once swaging is complete, the metal alloy and tube are sintered and then cooled. Instead of sintering, a bonding agent can mixed into the powder. Following cooling, the metal alloy is magnetized by placing it between poles of powerful electromagnets with the desired field direction. The process of the invention enables mass-produced, cost-effective PM products, which are more robust, easily assembled into products, enables new “wire like” shapes with arbitrary magnetization direction. The process enables mass production of permanent magnets of any desired cross section, produces permanent magnets continuously that may be cut to any length, and may, in an embodiment, result in directional magnets.