Quality and homogeneity of electroless nickel-boron coatings are very important for applications in corrosion and electronics and are completely dependent on the formation of the deposit. The growth and formation process of electroless nickel-boron was investigated by immersing mild steel (St-37) samples in an un-replenished bath for various periods of time (from 5 s to 1 h). The coatings obtained at the different stages of the process were then characterized: thickness was measured by SEM, morphology was observed, weight gain was recorded and top composition of the coatings was obtained from XPS. Three main phases were identified during the coating formation and links between plating time, instantaneous deposition rate, chemistry of last formed deposit and morphology were established. The mechanism for initial deposition on steel substrate for borohydride-reduced electroless nickel bath was also observed. Those results were confronted with chemistry evolution in the unreplenished plating bath during the process. This allowed getting insight about phenomena occurring in the plating bath and their influence on coating formation. (C) 2012 Elsevier B.V. All rights reserved.