In the framework of the development of Sodium Fast Reactors in France, supercritical carbon dioxide integrated in the Brayton cycle is proposed as new cycle energy conversion system to replace current steam generators. Ferritic-Martensitic steels with 9-12 wt% Cr are good candidates for heat exchanger application because they have good mechanical properties up to a temperature of 600°C, a high thermal conductivity, a low coefficient of thermal expansion and a lower cost than that of austenitic steels. However, it has been found that these steels present a high parabolic oxide growth rate and a strong carburization in the temperature and pressure conditions of the SC-CO2 cycle (550°C, 250 bar).This study aims to investigate the influence of different parameters (impurities present in CO2, thermal ramp rate and surface state) on the oxidation mechanism of a Fe-12 Cr steel in CO2 at 550°C. It has been shown that depending on these parameters, a thin protective oxide scale without any strong carburization can be obtained. A model is proposed to explain the experimental results.