The ternary Ni47Ti50Co3 alloy was produced using twin rolls casting technique. The strip was annealed at 3000C, 4000C or 5000C for 1 hour. Annealing was carried out in real condition without protection atmosphere. The strips revealed a multi-stage martensitic transformation. However, the origin of this multi-stage transformation is different in the as-cast strip when compare to the thermally treated samples. Thermal treatment increases amount of preferentially oriented grains and in consequence higher degree of the shape recovery can be obtained.