Ed Leedskalnin's Magnetic Current. Illustrations and Research.
Under a large magnetic field, iron becomes magnetized. It is the same principle that allows us to store data on magnetic media. That is why the weight does not fall. Either the U-shaped rod or the disc, or both, have become magnetized from such a strong electromagnet.Work only occurs when a force causes a displacement along the direction that the force is being applied. If nothing is moving, no work is being done, even if you detect current going through the wire. The energy in that current is being transformed into heat rather than work. In the experiment, neither the magnet, the rope, nor the roof beams ever perform any work because although they are exerting a force, no movement is generated.