The validity of the Steinmetz law (P = KB n ) has been analyzed using the tanh model, by splitting the minor loops in three or two components, corresponding to dierent magnetization processes at dierent excitation levels. It is shown that the original Steinmetz law with the exponent n = 1.6 is valid only at and above the coercive eld, for intermediate and high induction values, where all the three magnetization processes are present. At small magnetization levels the exponent is about 3, much higher than the original proposed value.