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Band structure calculations from first principles provide the basis of a simple explanation for the appearance of ferromagnetism in iron, cobalt, and nickel that is founded upon a uniquely chemical concept: bonding. It is shown that the onset of ferromagnetism strengthens the metal-metal bonds in these transition metals by reducing the antibonding nearest neighbor interactions that would otherwise appear at the Fermi level.
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Landrum et al. (1999) studied this question.
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