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Positron annihilation experiments were performed on oxide dispersion strengthened (ODS) and non-ODS EUROFER prepared by mechanical alloying and hot isostatic pressing. The results revealed the presence of small voids in these materials in the as-HIPed conditions. Their evolution under isochronal annealing experiments was investigated. The coincidence Doppler broadening spectra of ODS EUROFER exhibited a characteristic signature attributed to positron annihilation in Ar-decorated voids at the oxide particle/matrix interfaces. The variation of the positron annihilation parameters with the annealing temperature showed three stages: up to 623 K, between 823 and 1323 K, and above 1323 K. In thetemperature range 823&-1323 K void coarsening had effect. Above 1323 K some voids annealed out, but others, associated to oxide particles and small precipitates, survived to annealing at 1523 K. Transmission electron microscopy observations were also performed to verify the characteristics of the surviving defects after annealing at 1523 K.