The iron-carbon phase diagram shows the equilibrium phases that exist at different temperatures depending on the carbon content of the alloy. It includes the following phases: 1) Ferrite - a body-centered cubic phase stable at lower temperatures. 2) Austenite - a face-centered cubic phase stable at intermediate temperatures. 3) Cementite - an iron-carbon intermetallic compound. 4) Pearlite - a lamellar structure of ferrite and cementite that forms during slow cooling of eutectoid steel. 5) Martensite - a super-saturated solid solution of carbon in ferrite that forms during rapid quenching.