Austenite is non magnetic while $\alpha$-ferrite and pearlite are magnetic. (Magnetic properties of pearlite vary as a function of carbon content)
If a strong magnetic field is applied in a particular direction while the steel is being quenched (rather, austenite is being quenched!), would the grain structure change? Is it possible to get superior grain structure and hence tougher steel by application of cyclic magnetic field?
My speculation is that, at the eutectoid point while quenching the steel, as low carbon zone of pearlite has more permeability, that zone should align itself to the strong magnetic field by pushing the carbon in orthogonal direction, so grain boundaries should take a different shape.
Will it actually happen?