In this paper results of microstructural observations for series of CuZn39Pb2 alloys produced from qualified scraps are presented. The individual alloy melts were differentiated in terms of thermal parameters of continuous casting as well as refining methods and modifications. Structural observations performed by SEM and TEM revealed formation of different types of intermetallic phases including “hard particles”. EDS results show that “hard particles” are enrich in silicon, phosphorus, iron, chromium and nickel elements. Additionally, formation of Al-Fe-Si and Al-Cr in alloy melts was observed as well. It was found that quantity and morphology of intermetallic phases strongly depends upon the chemical composition of raw materials, process parameters, modifiers and refining procedure applied during casting. It was observed that refining process results in very effective refinement of intermetallic phases, whereas modifiers, particularly carbon-based, results in formation of large particles in the microstructure.