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Spheroidization experiments were made on a medium- carbon AISI 4037 steel, using both intercritical and subcritical annealing cycles. The results indicate that in the subcritical cycle the spheroidization occurred much more quickly than expected, so that shorter times were sufficient to achieve high formability. On the other hand, the hardness dropped faster in the intercritical cycle. Although more work needs to be done, these results suggest that using a subcritical spheroidization process instead of an intercritical process could achieve considerable savings in time, energy, and cost...