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This lecture covers the phase transformations in Fe-C alloys, focusing on the formation of perlite and martensite. It explains the differences between hypoeutectoid and hypereutectoid steels, emphasizing the role of carbon content in the transformation process. The instructor discusses the significance of the Fe-C phase diagram, highlighting the critical temperatures for austenitization and the formation of different microstructures. Additionally, the lecture explores the concept of bainite formation as an alternative to martensite in the Fe-C system.