We analyze a system composed of itinerant electrons and localized spins with on-site interactions representing the Hund’s first rule. Properties of the system are studied rigorously on the infinite square lattice but the configurational space is restricted to the lowest-period phases only. Using exact expressions for the ground state energy an evolution of the phase diagram with an external magnetic field is determined. For a wide range of electron densities metamagnetic phase transitions are detected. It is shown that jumps of magnetization of the electrons at the metamagnetic transitions are much smaller than changes of magnetization of the localized spins. I
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