All steels have an iron content, some steels are 'non magnetic'. I can imagine that billy can steel will vary from batch to batch and brand to brand. However if we are talking about a plastic bodied compass, like a Silva, is there any likelihood that its accuracy might be compromised by being stored/carried in a billy can?
I would be curious to have a definitive yes/no answer for this.
Looking in to stainless steel a bit more (there are many variants), the amount of nickel added affects the structure of the iron and its degree of magnetism. Zebra pots are made from
Austenitic stainless steel which has an amount of nickel added that makes the stainless steel virtually non-magnetic. The type of Austenitic used for Zebra pots is called
Type 304, (you can see this on their labels), sometimes its also called 18/8 which is the same thing. Therefore accordingly one would think it would be safe to store a compass in a zebra pot as
Austenitic Stainless Steel Type 304 is non-magnetic. This is the most widely used type of stainless steel for cooking utensils. Swiss army knives are made from
Martensitic stainless steel which is magnetic as it has a completely different structure to Austenitic. See this link sandbender, scroll down to bottom of page where it explains the different
Types of Stainless Steel.
http://en.wikipedia.org/wiki/Stainless_steel
this link explains the ''non-magnetic'' stainless steel as used in Zebra Pots
http://mtm-inc.com/reduce_project_risk/how_nonmagnetic_are_304_and_316_stainless_steels/
Austenitic Type 304 Stainless Steel is regarded as non-magnetic, zebra pots are made from this.
The least magnetic of all stainless steel is Type 316 which is often called Marine Grade.
Swiss Army Knives are made from Martensitic stainless steeel which is magnetic.