The corrosion of steel by lead-bismuth eutectic (LBE) is an important issue in proposed nuclear transmutation schemes. Steel samples were exposed to oxygen-controlled LBE at high temperature and exposure times that simulate actual reactor systems. Scanning electron microscopy (SEM), combined with energy-dispersive X-ray analysis (EDAX) and X-ray photoelectron spectroscopy (XPS), has been used to study post-exposure steel samples and unexposed controls. Our investigation of the reacted samples revealed preferential segregation of metals contained in the initial alloy formulations. Sputter depth profiling of the exposed annealed sample and cold-rolled sample showed a marked difference in oxide layer composition, depending on surface preparation. The annealed sample showed a complex oxide structure (iron oxide over chromium/iron oxide mixtures) of tens of microns thickness. The cold-rolled sample was covered with a rather simple, primarily chromium oxide layer of ~1 micron thickness. The cold-rolled sample had an order of magnitude less corrosion (i.e., both lower oxidation and less weight change) than the annealed sample.3