A three component binder system composed of polypropylene, paraffin wax and stearin was chosen in order to investigate the weight loss and phase transformations during thermal debinding cycles. Carbonyl iron powder served as metallic material. After debinding samples were sintered, and the shrinkage and microstructures were evaluated. Shrinkage started at 600 degrees C, and a linear shrinkage of 10% was observed at 1300 degrees C. Three variables were studied: debinding atmosphere; heating rate during debinding step; and heating rate during sintering step. A strong effect of the atmosphere, comparing air and argon, was observed. Three different regions of weight loss were determined, and one of them (between 410 degrees C and 610 degrees C) was related to the iron powder weight loss. Thermogravimetry and calorimetry were carried out simultaneously. A discussion about the mechanisms of binder removal, based on isothermal treatments, is also presented. The controlling debinding step, considering the discussed system, is the diffusion through polypropylene to pore surfaces.