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Yes, it is the right material. However, because it is bowed on the bottom and not completely flat, there wasn't enough contact area to activate the stovetop. Pity, because the thing is adorable and feels like quality. But the rounded bottom renders it useless on induction stoves.
UPDATE: I received the replacement; same problem It is bowed on the bottom and will not activate the stovetop. POOR DESIGN.
Perfect for a "fried" egg. I use the pan on a small tray in the oven, preheated before egg goes in. Occasionally I have an egg stick, but that's only a minor sticking point, nothing catastrophic. Alternatively, I have a 10" flat cast iron pan that I place on the burner and then two of the 4" pans on that to avoid getting splatter on the burner. I have two small cast iron pans I use for the same purpose, but this pan works better.