The magnetization was measured as a function of decreasing field on several polycrystalline hexaferrites that are potentially useful as microwave or millimeterwave materials, because of their low dielectric loss. The materials are partially oriented by compaction in a magnetic field or hot-forging. The observed magnetization vs. field dependence is shown to agree with a theoretical model, when allowance is made for the distribution of misalignment angles, crystalline anisotropy, and porosity.