Vanadium is a carbide former,refines grain,forms stable carbide at high temperatures thus resisting any softening.
"Vanadium also improves toughness by stabilizing dissolved nitrogen The impact transition temperature also increases".(source ASM Handbook Vol 1 pp 358,Tenth Edition)
"Vanadium is usually not added for hardenability in quenched and tempered structural steels(such as ASTM A 678 grade D),but is added to provide secondary hardening during tempering. Vanadium is a strong carbide former,and the steel must be austenitized at a sufficiently high temperature and for a sufficient length of time to ensure tat the vanadium is in solutionand thus able to contribute to hardenability.Moreover, solution is possible only if small amounts of vanadium are added." (source ASTM Handbook,Vol 1, pp 395,10th Edition)
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