According to binary phase diagram of Fe and Fe3C, the eutectoid reaction occurs on cooling a steel of 0.8% carbon through the eutectoid temperature (725°C). Then

1
fast cooling rate gives fine pearlite
2
by cooling, simply transformation takes place without a compositional change
3
by cooling, simply austenite of 0.8% carbon decomposes to a mixture of ferrite (α) of 6.67% carbon and cementite of 0.02% carbon
4
by cooling, simply austenite of 0.8% carbon decomposes to a mixture of ferrite (α) of 0.02% carbon and cementite of 6.67% carbon

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