Of course it will! It will act as one turn of a receiving coil, short-circuited for your convenience. It is not the same as a magnetic shield and some current will be generated by the real receiving coil, but the efficiency will be severely affected. I would be surprised to get more than 10%. If you had asked when I studied these things at the university, I could have even calculated it for you but that was quarter a century ago and I have forgotten most of it