Alnico is an iron alloy composed primarily of iron, aluminum, nickel, and cobalt. It can be classified into three types - cast, sintered, and bar alnico - depending on its composition and production process. Alnico alloys were developed in the 1930s and were the strongest type of permanent magnet until rare earth magnets were invented in the 1970s. Alnico magnets are produced through pressing, sintering, or casting, followed by heat treatment and magnetization to imbue the material with strong ferromagnetic properties. These magnets have high magnetic strength even at high temperatures and good corrosion resistance, making them suitable for applications like speakers, motors, and sensors.