An alloy of Al-8wt% Si-0.8wt% Fe was cast in a metallic die, and its microstructural changes due to Ti-B refiner and Sr modifier additions were studied. Apart from usual refinement and modification of the microstructure, some mutual influences of the additives took place, and no mutual poisoning effects by these additives, in combined form, were observed. It was noticed that the dimensions of the iron-rich intermetallics were influenced by the additives causing them to become larger. The needle-shaped intermetallics that were obtained from refiner addition became thicker and longer when adding the modifier. It was also found that α-Al and eutectic silicon phases preferentially nucleate on different types of intermetallic compounds. The more iron content of the intermetallic compounds and the more changes in their dimensions occurred. Formation of the shrinkage porosities was also observed.