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The purpose of this study was to determine the influence of heat treatment cycle on graphite phase formation on CK 45 steel. The presence of well distributed graphite in the matrix is responsible for the good mechanical and thermal properties of this kind of alloy. Such properties include excellent wear resistance, higher resistance to thermal shock, and higher resistance to oxidation at high temperature. A number of specimens were made up of appropriate design to provide the experimental materials. The transformation phase to a free carbon microstructure during graphitization under different conditions was then examined for the most successful experimental steels. Austenitising temperature of 920°C and the following isothermal heat treatment of 750°C at different holding times were used. Microstructures were examined by OM (optical microscopy) and SEM (scanning electron microscopy). Furthermore, it was found that isothermal transformation at 750°C for different soaking times produced a typical microstructure. Also, the amount of graphite increased with increasing isothermal heat treatment time. Heat treatment leading to supersaturation of iron with carbon was described and some of the consequences of the supersaturation were presented. Finally, the formation of the thermodynamically stable state of the graphite taken from the supersaturated solid solution was discussed.