From our friend Wikipedia,
"Twisted pair cabling is a type of wiring in which two conductors of a single circuit are twisted together for the purposes of canceling out electromagnetic interference (EMI) from external sources; for instance, electromagnetic radiation from unshielded twisted pair (UTP) cables, and crosstalk between neighboring pairs. It was invented by Alexander Graham Bell.[1]"
My note: twisted pair cancels RFI/EMI, but not magnetic fields. Magnetism is a horse of a different color. Shielding, absorbing, rejecting, cancelling magnetic fields calls for something a little more uh, stringent.