A SQUID magnetometer operating in liquid nitrogen was used to study the magnetic fields induced by corrosion as well as by solution/metal contact. It has been observed that the magnetic fields were generated both normal to and in parallel to the interface when liquid contacted the metal surface, provided both phases were at different temperatures. The effect was ascribed to the initiation of internal thermo-currents in the metal phase. The corrosion of Co-Cr-Mo in water (as well as Ni-Cr-Mo in 0.1 M NaCl+0.1 M lactic acid) was studied by the SQUID magnetometer. A hemispherical solution layer was formed on the test specimen, and both metal and solution phases were in thermal equilibrium. Corrosion was initiated by supplying oxygen gas. SQUID indicated that the corrosion induced magnetic fields.