A model has been developed for describing the precipitation of NbC on dislocations in ferrite in an Fe–C–Nb steel. This model is a continuous description of the classical laws for nucleation growth and coarsening, which are adapted to the specific case where precipitates only form on dislocations. This model is successfully applied on an extensive data set obtained by small-angle neutron scattering for a wide temperature range and two alloy contents. Using this model, it is possible to estimate the effects of process parameters on the final microstructure and, notably, it is shown that the initial dislocation density has a pronounced influence on the maximum precipitate density.