Dross in a Zn-55wt%Al-1.6wt%Si metal coating bath is a mixture of bath metal and the quaternary intermetallic phase τ5c-Al20Fe5Si2(+Zn). Understanding the properties and formation of dross in a hot-dip Al-Zn galvanizing bath at the processing temperature (~600 °C) is critical for improving the production quality of steel sheet coating. However, dross analysis is usually conducted at room temperature with dross samples taken from the hot-dip bath and it is not known how representative these samples are of the phase(s) existing at high temperature. Using in-situ synchrotron X-ray diffraction (XRD), the crystal lattice and the coefficient of thermal expansion (CTE) of the intermetallic phase have been determined in the temperature range of 30 °C to 660 °C. Phase formation and phase stability of the intermetallic phase in the dross powder have been determined, providing fundamental knowledge for optimizing the production and quality of steel sheet coating.