Shaped magnetic articles made from powder material are provided containing about 70 to 85% nickel, more than 10% iron, one or more of 0 to 5% chromium, 0 to 6% molybdenum, 0 to 6% copper, 0 to 2% manganese, 0 to 1% titanium and 0 to 1% niobium, containing also about 0.1 to 2.0% of a refractory metal oxide, and having a unique combination of magnetic and physical properties. A process for making the shaped magnetic articles from metal powder and refractory oxide is also disclosed by which the metal and refractory oxide powder are blended, sintered and worked to provide substantially homogeneous articles having at least 99% theoretical density.