Small-angle neutron scattering (SANS) and neutron diffraction have been utilized for micro-structural characterization of Eurofer97/2 heats submitted to thermo-mechanical treatments, with the aim to investigate macroscopic material volumes and to complete the local information provided by scanning electron microscopy. The measurements were carried out at MLZ in Garching, utilizing for SANS also a polarized neutron beam. The investigated samples had been submitted to austenitization and tempering at different temperatures, as well as to double austenitization and to “ausforming”, that is austenitization followed by hot rolling. For most of the examined treatments, nearly identical SANS cross-sections were measured, close to the one of Eurofer97/1. In the ausformed sample the nuclear SANS cross-section is also nearly identical to the other samples but the magnetic one is one order of magnitude higher. Furthermore, over a wide experimental interval its nuclear-magnetic interference, measured by polarized SANS, is of opposite sign with respect to the non-ausformed samples. Neutron diffraction measurements provided strong evidence that the origin of such effects is due to the presence of the non-magnetic austenite phase in the ausformed sample, with an estimated volume fraction of 0.17 ± 0.02; within the experimental resolution, it disappears after subsequent tempering.