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Tow pregs obtained from polyacrylonitrile-based carbon fibres and a commercial binder coal-tar pitch were stabilized by oxidation at 548, 588 and 623 K for periods ranging between 1 and 15 h. The microstructural changes involved in the stabilization of tow pregs on the carbonized laminates were studied by light microscopy. Under the conditions studied, the oxidative stabilization of tow pregs produced a significant increase in carbon yield. At the same time, the development of porosity on carbonization was avoided and the size of the optical texture was reduced. However, the extreme oxidation of pitch components at the edges of the carbonized laminate adversely affected pitch binding capability and the sinterizability of the laminates.