For the hypereutectoid composition shown by the vertical green bar the material enters the two phase austenite + cementite zone prior to cooling through the eutectoid temperature. While it cools ...

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, ...