Step 1: Concept Austempering is an isothermal heat treatment process.
Step 2: Meaning It involves quenching the steel into a salt bath held at a temperature above the Martensite Start ($M_{s}$) point.
Step 3: Analysis The steel is held at this temperature until the austenite transforms completely into a non-lamellar structure of ferrite and cementite.
Step 4: Conclusion This specific transformation product, formed isothermally between the pearlite and martensite ranges, is called Bainite.
Final Answer: (C)