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The primary crystallization of Co78Si9B13 metallic glass starts at 648 K and as a consequence of this the ε-Co(Si) phase with needle morphology is created. The second stage of crystallization (at 773 K) is the eutectic and as a result of this α-Co(Si) and boron phases: (Co,Si)3B, (Co,Si)2B are formed. The crystallites of these phases have layer morphology. These characteristic morphologies in the first and second stages lead to the increase in coercivity.