This study investigates the delubrication, reduction, and decarburization processes of powder metallurgical steel alloys (CrM, CrL, AHC, Mo85, SintD 35) and an unalloyed steel during sintering in a pure hydrogen atmosphere. Utilizing in-situ FTIR gas phase analysis, components with ethylenebisstearamide (EBS) as a lubricant are analyzed. EBS decomposition in steel components yields CO, CO₂, H₂O, and CH₄, with dominant CH groups observed in the 230 °C to 480 °C range. In the temperature range between 750 °C and 850 °C, where CO formation is expected due to the reduction of surface iron oxides, CH₄ is present instead, indicating that an “internal getter effect” also occurs in pre-alloyed powders. In addition, with high carbon activity, the reduction of internal iron oxides and the reduction of chromium oxides also trigger an internal getter effect. Depending on the carbon potential, these processes cause a considerable reduction in the carbon content of the powder metallurgical components. The study therefore shows that the decarburization of powder metallurgical components during the heat treatment phases prior to sintering in a 100 pct hydrogen atmosphere is less due to the mechanism of delubrication, but rather to mechanisms of carbothermal reduction.