Is the little metal thing in the steering arm a magnet, magnetic, or just a cover piece?
If it is attracted to the coil (that is, magnetic) and is not a magnet, then reversing the polarity of the electromagnet won't help. I would tend to agree with 4pyros then that there is a third connection. It may just be a ground connection, like a center tap, so that each side of the electromagnet can be energized separately.
I agree that checking continuity of the two leads is a good next step. This may be obvious, but have you stripped the enamel insulation from the wire that you are trying to attach to?
John