The effects of austenitizing temperatures and times on the microstructure of a 12Cr-lMo-V-W steel are reported. Austenitizing temperatures covering the range of 900 to 1225°C and times of 30 minutes to 100 hours were used. Equilibrium microstructures were difficult to obtain because delta ferri 1 e initially present in the steel resists dissolution during austenitizing.