  Research over the years has shown that the formation of the Fe$_3$Si phase in FINEMET (Fe-Si-Nb-B-Cu) alloys leads to superior soft magnetic properties. In this work, we use a CALPHAD approach to derive Fe-Si phase diagrams to identify the composition-temperature domain where the Fe$_3$Si phase can be stabilized. Thereafter, we have developed a precipitation model capable of simulating the nucleation and growth of Fe$_3$Si nanocrystals via Langer-Schwartz theory. For optimum magnetic properties, prior work suggests that it is desirable to precipitate Fe$_3$Si nanocrystals with 10-15 nm diameter and with the crystalline volume fraction of about 70 \%. Based on our parameterized model, we simulated the nucleation and growth of Fe$_3$Si nanocrystals by isothermal annealing of Fe$_{72.89}$Si$_{16.21}$B$_{6.90}$Nb$_{3}$Cu$_{1}$ (composition in atomic \%). In numerical experiments, the alloys were annealed at a series of temperatures from 490 to 550 \degree C for two hours to study the effect of holding time on mean radius, volume fraction, size distribution, nucleation rate, number density, and driving force for the growth of Fe$_3$Si nanocrystals. With increasing annealing temperature, the mean radius of Fe$_3$Si nanocrystals increases, while the volume fraction decreases. We have also studied the effect of composition variations on the nucleation and growth of Fe$_3$Si nanocrystals. As Fe content decreases, it is possible to achieve the desired mean radius and volume fraction within one hour holding time. The CALPHAD approach presented here can provide efficient exploration of the nanocrystalline morphology for most FINEMET systems, for cases in which the optimization of one or more material properties or process variables are desired. 
Metastable Phase Diagram and Precipitation Kinetics of Magnetic   Nanocrystals in FINEMET Alloys