Magneto takes this.
First, Superman's blood is red. While there are metals in the Marvel and DC universes that don't exist in this one, all indications suggest that there aren't that many of them. And still, Magneto can manipulate non-ferrous metals - take a look at what he did to Wolverine.
Second, Magneto can absorb energy from every celestial body in the solar system and can create stable wormholes to travel through.
Third, he can manipulate light, usually to make himself invisible.
Fourth, Magneto is a freaking genius and a brilliant physicist. He knows exactly what his powers can do.
Fifth, he's tagged Northstar, who's top class speedster.
Sixth, Superman once said that Triumph could effectively kill him by cutting off solar energy in his cells from the rest of his body. Magneto has the same powers times about a million. Even if this wasn't so, he's shown the ability to manipulate the electricity in someone's brain, disrupt nervous systems and even manipulate Phoenix energy. And a lot of Superman's powers come from his bio-electric field. Guess what Magneto can play with.
Seventh, Magneto's shields can tank nukes without prep. He's broken the grip of Hercules, who's matched (and outmatched) Thor, who is roughly Superman's equal, by channelling his powers inwards. His shields have deflected Mjolnir.
Eighth, Magneto is ruthless in a way that Superman could never hope to match.
Ninth, he's turned people into puppets in the past.
Tenth, Superman will have a great of difficulty hurting Magneto, while Magneto has a lot of interesting ways in which to make Superman's life a misery.
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