The main aim of the present contribution is to show how different heat treatment conditions influence the microstructure of a Fe - [1.5Cr - 0.2Mo] - 0.6C powder system. In vacuum furnaces, the cooling rate is generally determined by the pressure of the gas (basically N2) introduced into the chamber. Different gas pressures have been applied, from 0 to 6 bars. The average cooling rates were calculated in the range of 1180 °C to 400 °C and were varying from 0.1 to 6 °C/s, according to the gas pressure.