The document discusses the iron-carbon phase diagram which is used to understand the different phases of steel and cast iron. The diagram shows the solid phases of α-ferrite, austenite (γ), cementite (Fe3C), and δ-ferrite that exist in steels and cast irons containing less than 6.7% carbon. It describes the crystal structures and carbon solubility ranges for each phase. Invariant reactions on the diagram are also summarized, including the peritectic, eutectic, and eutectoid reactions that occur between phases.