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Extremely fine (<10 μm) Nd-Fe-B powder was generated by pulsed plasma atomization processing. The number average was just over 3 μm, as determined by computer-assisted scanning electron microscopy analysis of almost 3000 particles. Despite the fine particle size, alloys of stoichiometric Nd2Fe14B resulted in the properitectic formation of α-Fe, deleteriously affecting the magnetic properties. Nevertheless, this work shows the possibility of generating extremely fine, isotropic powder for bonded and hybrid magnet applications.