Why does the mineral lodestone align with the north?

Lodestone is a naturally magnetized form of the mineral magnetite, which contains iron oxide. It possesses a permanent magnetic field due to the alignment of its iron atoms, which allows it to interact with Earth's magnetic field. When freely suspended, lodestone aligns itself with the Earth's magnetic poles, with one end pointing toward the magnetic north and the other toward the magnetic south. This property makes lodestone historically significant in navigation and compasses.