PM2000, in Kyoto, Japan. Author: Yang Yu. The phase diagram and some other properties of Astaloy CrM have been calculated based on thermodynamics. Experimental investigations on microstructures of the sintered samples were performed by means of metallography, X-ray diffraction and TEM, which indicate a great deviation from the calculated phase diagram. A very strong kinetic behaviour of this material is conformed. The CCT diagrams of Astaloy CrM with different carbon content (0.3%, 0.4% and 0.5%) are determined. Factors influencing diffusion behaviours of carbon as well as chromium and molybdenum are discussed. The effects of chromium and molybdenum on the formation of carbides and on the sintered microstructure are also discussed. In addition, the oxidation state during sintering and its temperature dependence is calculated and discussed.