Discs of Al(85)Ce(8)NiSCO(2) amorphous alloy were severely deformed by high pressure torsion. Severe plastic deformation exceeding equivalent strain of 8.2 induces the formation of nanocrystalline fcc-Al in a more stable residual amorphous matrix. Calorimetric and X-ray diffraction measurements revealed that the deformed outer part of the disc crystallizes into a mixture of equilibrium phases during the first thermal event. However, in the amorphous ribbon the same crystalline mixture develops only after the second stage.