| Summary: | Evolution of microstructure and hardness in quenched ultrahigh carbon steel Fe-0.85Mo-0.6Si-1.4C by warm compression on a Bähr plastometer-dilatometer at 775 °C and at 0.001 to 1 s<sup>−1</sup> strain rate range is reported. The material was prepared via powder metallurgy: cold pressing and liquid phase sintering. Independent of strain rate, the initial martenstic microstructure was transformed to ferrite and spheroidized cementite. Strain rate had an effect on size and shape of spheroidized Fe<sub>3</sub>C precipitates: the higher the strain rate, the smaller the precipitates. Morphology of the spheroidized carbides influenced hardness, with the highest hardness, 362 HV10, for strain rate 1 s<sup>−1</sup> and the lowest, 295 HV10, for the lowest strain rate 0.001 s<sup>−1</sup>. Resultant microstructure and ambient temperature mechanical properties were comparable to those of the material that had undergone a fully spheroidizing treatment with increased time and energy consumption, indicating that it can be dispensed with in industrial processing. All our results are consistent with the Hall–Petch relation developed for spheroidized steels.
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