Analytical algorithms for the construction of tensile and compression stress-strain diagrams of two-phase cermets are proposed, which are based on the concept of mean stresses in the phase volume and physical equations of the theory of small elastoplastic strains. The deformation properties and strength of cermet are supposed to depend on such parameters of its microstructure as mean size and coefficient of variation of solid phase grain-size distribution, contiguity coefficient of solid phase grains, and mean thickness of the metal phase inter-layers. A numerical analysis of the characteristic parameters of deformation curves for WC-Co hard metals has been carried out over a wide range of cobalt concentration and carbide grain size. A good agreement between the theoretical values of ultimate tensile and compression strength and known experimental values has been established. The constructed model deformation curves for hard metals may be regarded as alternatives to the corresponding experimental curves of stress against relative change in specimen length.Keywords: cermet, WC-Co hard metal, tensile and compression stress-strain diagrams, strength and plasticity.Introduction. Cermets (metal ceramics) are a large class of heterogeneous materials that are used in structures and tools [1]. Thanks to the combination of a refractory and brittle nonmetallic phase and a plastic metallic phase, the composites possess physicomechanical and performance characteristics which differ substantially from those of their constituents. Experimental deformation curves are generally constructed as plots of axial force P vs. change in specimen length Δl (displacement of movable specimen grip) [2]. The replacement of elongation Δl by total strain in the bar ε = Δl l 0 and of axial force P by stress σ = P F does not practically transform such curves into stress-strain curves, which are traditional in the mechanics of materials, even in the case of cylindrical specimen. On loading a short specimen of low-plasticity material, a combined nonhomogeneous stress-strain state arises in it, which is due to the influence of end effects. As a result, the total strain may differ noticeably from local strain in the middle section [3]. Note also that the method for measuring local strain, which is employed in [3], is probably insufficiently precise.The initial portion of deformation curves for WC-Co hard metals was calculated in [4] by the finite element method and in [5-7] on the basis of mean stresses in the phase volume. The present paper proposes an analytical algorithm for the construction of deformation curves for two-phase cermets, which is based on the basic relations of the micromechanics of macroscopically isotropic composite materials with allowance for their microstructure features. In this case, the process of loading the specimen up to its failure is investigated. Since the tensile and compressive strain resistance of cermets is different, tensile and compression stress-strain diagrams are considered separately. In both cases, numerica...