In spherodizing, you are basically pulling all the carbon into small "spheres", which allows for cutting instruments like drill bits and mills and taps to cut through the steel.
I spherodize my 5160 - 0.60%C, as well as the hyper eutechtoid steels.
My last step in thermal cycling at the end of forging is to bring the blade up to temp and quench for martensite, which also reduces grain size.
Sort of like jumping into a cold pool!
But now the blade is hard, or if it was 5160, without even quenching, it will air harden and smoke a good drill bit.
Most people take that blade up to some sort of real hot and then try to slow cool it in some media.
But why take it up hot after we've spent a whole bunch of time reducing grain size?
I don't want to risk endangering the grain size, but I still want to drill and mill with ease, so the blade gets soaked at around 1300 for an hour and slow cooled in the oven. It's this sloooooooooooow cool from a high sub-critical that spherodizes the carbides, making for easy machining, yet leaving ultra fine grain.
If a maker has a heat treating oven, it should really be put to use in this manner.
This also leaves the carbon in the right spot to just JUMP! into the making of martensite.
When steel is annealed from above critical, you not only risk grain growth, but it's also more necessary to soak the steel for extended periods of time to pull all the alloy into solution so as to get completely dissolved when it comes time to quench.
When spherodized, about all you gotta do is get 'er hot! Everything is sort of set up already.
I have not burnt a drill bit, or had a tap hang up, etc., in spherodized steel, in , well, a really long time. Years.
And have kept grain size and carbon location right where it needs to be at all times.
I paid a thousand dollars for that oven I'm gonna use it!
This is just the basic concept, without going into everything else that, quite honestly I don't understand, but it's a basic guideline.