The magnetic and magnetoelastic properties of Fe72M1.5Cu1Nb3Si13.5B9 (M = Co, Cr, Ni) samples have been investigated. The samples were annealed between 400 and 650 degreesC under argon atmosphere to induce varying nanocrystalline fractions. It was observed that the magnitude of field dependence of Young's modulus varies from 50% to nearly zero as the saturation magnetostriction is reduced by alpha -FeSi grains. The results are discussed in terms of stress relief and reduced magnetostriction constant. (C) 2001 Elsevier Science B.V. All rights reserved.