A low profile surface mount electromagnetic component such as a power inductor includes first and second core pieces arranged side by side and having longitudinal side walls facing one another. A preformed coil winding includes vertical legs that are received in vertical slots of the facing longitudinal sidewalls of the component. Inset depressed sections are provided in the top surfaces of the first and second magnetic core pieces and receive a main winding section of the coil winding. Surface mount terminal tabs extend on the bottom surfaces of both the first and second magnetic core pieces.