Added to the steel alloy to increase both the yield stress (stress at which a material begins to deform) and tensile strength of low-carbon steel. The added phosphorus gives greater strength and assists the heat treatment process by reducing the temperature at which the steel naturally hardens.
Additionally, adding phosphorus to an alloy helps prevent oxidation and the rusting of metals and provides improved machinability. However, too much phosphorus can make the steel become too brittle and less ductile (harder to shape/form), so added amounts are carefully controlled.