Control of the flow rate of liquid metals is required in a number of technological processes such as the cooling of nuclear reactors, transmutation systems and the dosing and casting of liquid metals. Electromagnetic flow meters play an important role in the diagnostics and automatic control of such processes. For example, the electromagnetic control of casting processes can be used to improve the quality of products by reducing their brittleness and increasing durability at high production efficiency, especially for complex shape components. A number of different electromagnetic flow meter designs have been developed starting from the end of the forties of the last century. One such flow meter – the Magnetic Flywheel, which is described in the textbook of Shercliff uses the electromagnetic force exerted by the flow on a close magnet. Commercial electromagnetic flow meters are typically based on the flow-induced electrical voltage measurements by electrodes in direct contact to the melt in a steady magnetic field. In view of the typical problems coming along with applications at liquid metal flows such as high temperatures, interfacial effects and corrosion, the main disadvantage of this type of flow meter is the electrical contact to the liquid metal, which is necessary to measure the electric potential difference. Therefore, contactless operating measurement techniques are very attractive for liquid metal applications.