This overview paper describes the interaction of powder metallurgical iron-base alloys with the atmosphere during sintering. The methods of thermal analysis serve to clarify the processes that take place especially during the heating stage of the sintering cycle. After a discussion of the physical and chemical fundamentals of the sintering process, the methods of thermal analysis are explained. The differences between plain iron and alloyed systems are discussed in detail. Classical PM low alloy steels with alloying elements, such as Cu, Ni and Mo, react in a similar way as unalloyed carbon steels. The situation changes dramatically, when oxygen sensitive elements as chromium, manganese and even more silicon come into play. The removal of the surface oxygen is much more crucial, and there are several competing reactions, which have to be considered when these systems should be sintered in industrial scale to reach the desired mechanical and dimensional properties.