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My brother has one that just has a magnetic head pulley on the fines belt. It works great for separating small scrap, and is dead simple, with no power or maintenance needed. I have used an overbelt magnet to separate the magnetic fines out of steel mill slag, but it was none of those things.
Have a powerscreen powergrid and we are screening concrete. Have a guy bringing me a lot of material that is crushed down small enough for roadbase just has some loose metal in with it. we were gonna try and screen some of it to save a little $ and have some really clean concrete to crush when we move our crusher back.