This magnet is a must around any shop-whether you work with steel or not. At the end of the day during clean-up, after strike of a show - or even just moving screws from one storage container to another, this tool is very handy.
here is a link to one supplier:
The magnet basically attracts while it is in it's normal position, and you squeeze the handle to raise the magnet and release what you have picked up with it. very simple to use, and very effective.
Lee Valley, the vendor above which sells this contraption is one of my favorite non-theatrical vendors. They have good prices, high quality, and alot of useful and unique products. Surf their site and get a feel for what they have - their inventory has come in handy to me more than once in my career as a TD.