To a minimal extent, depending on how many times, and how long it goes on. You find carbon migration to be a major problem when forge welding, as manny heats,folds, heats, etc, can remove a significant amount of carbon from the steel. Proper atmosphere in a fire is very important when drawing a blade from a large bar, because of the number of heats required. ('course i'm talking hand hammering here, it's much less an issue with a power hammer or press)