The binder phase for TiC reinforced steel matrix composite was added in the form of elemental powders and master alloy powders. The microstructures, binder phase variation with TiC content and mechanical properties were evaluated. The addition of a type of binder phase largely effects the microstructure and mechanical properties. The binder phase variation from starting composition was observed with increase in wt% TiC content and this variation was higher when the master alloy powders were used as a binder. The response to heat treatment was decreased with an increase in TiC content due to the shift of binder phase from the starting composition.