The Collaborative International Dictionary of English v.0.48:

austenite \austenite\ n. (Metallurgy) [From W. C.
   Roberts-Austen, an English metallurgist.]
   a solid solution of ferric carbide or carbon in iron; -- it
   cools to form pearlite or martensite.
   [WordNet 1.5]

WordNet (r) 3.0 (2006):

austenite
    n 1: a solid solution of ferric carbide or carbon in iron; cools
         to form pearlite or martensite