Magnets will only do so much. If the metal causing the problem has started an abcess on the rumen or created a hole big enough for rumen contents to seep out, the magnet may pull the steel object back into the rumen, but the cow will continue to go down hill, because of the peritinitis created. I have been told that every mature cow will have approximately two handfuls of metal in her rumen. It is hard to imagine some of the stuff that has been found in a cow's rumen. I remember my dad losing a herd bull suddenly when I was young and when the vet did a post mortem, he had a 6 inch rail spike that had gone through his stomach wall and into his heart.
I have mentioned this before on SP, but when I was in college, a study was done over a period of years comparing milk production in dairy cows between two groups ... one that had magnets and another that had none. There was a 5-8 % increase in milk production in the group that had magnets. I have often wondered if the same was true in beef cattle, and I expect there is some benefit to putting magnets in your replacement heifers. Several years ago, I was telling a manager of a livestock supply company about this, and he told me he had a friend that had access to magnets that were taken out of cows that had gone to slaughter. He said that they were cleaned and excellent quality. I told him to send me some... which he did... I received a shipment of 25 dozen magnets- 300 magnets. He sent an invoice for $100 for them, which is a fraction of what they are worth new. Most of them look new, and for several years I put one in each heifer I was planning to retain in my herd. I still have a few left.
There are also several other things that could be casing your cow to quickly lose weight. A good test for hardware, is to put your cow in a chute and take a small fence post or some other pry instrument, and pry under her stomach area. If she grunts and has distress, it usually is a sign of a hardware issue. You could be dealing with something completely different though. I would suggest that if she has lost weight this quickly, the chances of a magnet solving your problem with her, are fairly low. Get her checked out by a vet.