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The penetration of plane electromagnetic waves into a ferromagnetic conducting half‐space is analytically investigated. The model used for the permeability is based on a ‘‘nth root approximation’’ for magnetization curve (B=KH1/n,n≫1) and does not include hysteresis. In the case of circular polarization of electromagnetic waves, the exact analytical solutions of the nonlinear differential equations are given. Here an interesting effect appears: the solutions are marked by the absence of higher‐order harmonics everywhere within the medium, despite its nonlinear magnetic properties. The case of noncircular polarization of electromagnetic waves is treated as a perturbation of circular polarization. Linear equations for perturbations are then derived and their analytical solutions are found for the cases of elliptical polarizations of magnetic and electric fields, respectively. The results of calculations of surface impedances and third order harmonics of electromagnetic fields are presented. The accuracy of the perturbation technique is tested by the application of this technique to the case of circular polarization for which exact analytical solutions are available.