The fracture surfaces of fatigued specimens were investigated using scanning electron microscopy (SEM) and energy dispersive x-ray spectroscopy (EDS). The aim was to quantify the distribution of cracked carbides and non-metallic inclusions on the fracturesurfaces as well as on polished cross sections. The specimens were made of Böhler P/M steel grade 390s and 690s in both micro-clean and conventional grades. The results show that the content of non-metallic inclusions are higher in the conventionalgrades than in the microclean grades, but there were found to be no link between non-metallic inclusions and the crack initiation. Surprisingly, no differences were found between the carbide size distributions of the micro-clean and conventional grades.Also, the distribution of the fractured carbides was found to be the same regardless of steel type, manufacturing method or location on the specimen.