An electronic device may have electrical components mounted on substrates such as printed circuits. The electrical components may include magnetic components such as inductors. A metal shielding can may be provided with a magnetic shielding layer to shield the magnetic components. The magnetic shielding layer may be formed on an inner surface of the metal shielding can. The magnetic shielding layer may include a ferromagnetic layer that is attached to the inner surface by a layer of adhesive. An insulating coating may be formed on the lower surface of the ferromagnetic layer to prevent shorts. An insulating layer for the lower surface of the ferromagnetic layer may be formed form a layer of polymer that is attached to the ferromagnetic layer with adhesive. The shielding can with magnetic shielding may withstand solder reflow temperatures, allowing the shielding can to be soldered to a printed circuit to shield an electrical component.