The eutectoid phase transition in the iron carbon system takes place at 727 C. The three components in equilibrium at this temperature are Austenite, g, with the composition Fe - 0.77 wt % C, Ferrite, ...
In cooling through this zone, ferrite is precipitated on the austenite grain boundaries. As the temperature is reduced, the austenite composition moves towards the eutectoid value, and at 727 C has ...