Heat treating tool steel -- the phase change

I'm going to trust the video's description (copied below) when it says that the flashes of light at 0:32 are visual indications of the BCC --> FCC phase change that takes place at 910 C.

Visual indication of tool steel phase change to austenite when heat treating. Small pools of iron are forced from the steel as the volumetric change takes place and small amounts of carbon are burned off.

So, my understanding from reading that, is that the BCC (ferrite) --> FCC (austenite) change squeezes some of the carbon out of the structure. That carbon then - because of the high temp and the presence of oxygen around the steel - burns off in the flashes that we see.

Can anybody tell me that I'm reading the situation correctly?