The Horseshoe Magnet is an Inventory Item that can be used in the game.
The Horseshoe Magnet looks like a typical toy magnet. It is the usual horseshoe shape and as usual in stereotypical magnets is painted red with the two ends a silver color.
The Horseshoe Magnet can be found stuck to a piece of metal junk near to where Josef is sitting.
Josef can just pull the Horseshoe Magnet off of the metal junk; when he has been mostly put back together and is able to walk again.