Consider the most conventional 2D phase diagram where temperature is plotted along the y axis and composition of carbon along the x axis. Phases are mapped on the phase diagram if they are thermodynamically stable at some (x,y). but between 1044K(curie temperature) and 1185K paramagnetic beta phase is more stable than ferromagnetic aplha phase.
http://www.calphad.com/graphs/Metastable%20Fe-C%20Phase%20Diagram.gif