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While giant saturation magnetization has been observed in α″–Fe16N2, its magnetic anisotropy and structural stability leave room for improvement. Several recent studies have investigated the effect of substitution to improve its magnetic properties and/or its stability; among these, substitution of Fe with V or Cu has shown promise. We thus compare the magnetic properties of such alloys in some more detail using first-principles electronic-structure calculations: The magnetocrystalline anisotropy (MCA) energies of ordered Fe16–nVnN2 and Fe16–nCunN2 alloys (n=1, 2), as well as the co-substituted alloy Fe14VCuN2, are obtained within the plane-wave density-functional theory (DFT) code Quantum ESPRESSO.