With increasing strain, deformation twins and shear bands can be noticed in the microstructure. The saturation magnetization increases indicating the occurrence of SIM. The highest increase percentage of Ms occurs between 20% and 40% thickness reduction. For the maximum thickness reduction (60%), the amount of martensite is 60–65%. Hc increases with strain up to
20% thickness reduction and presents a noticeable drop at higher strain. In correspondence to this drop in the magnitude
of Hc, a sharp decrease in the ratio MR/Ms is also observed. These results suggest the coalescence of martensitic regions at thickness reductions higher than 20%.