Directional solidification experiments were carried out on peritectic steels to investigate the microstructure and volume shrinkage. A δ-dendritic structure developed intermittently and was enclosed by γ-austenite at growth rates of 15, 50, and 80 μm s−1. The primary dendritic spacing narrowed and the average spacing of dendrites decreased as the growth velocity increased. The functional relationship between the secondary dendrite arm spacing and cooling rates was established by statistical analysis. The influence of cooling rate on crack formation was analysed as a function of volume shrinkage. Reducing the cooling rate of the solidification delayed a massive type of peritectic transformation away from the ZST–ZDT brittle zone, thus reducing the probability of crack formation.