Rolling contact fatigue tests were carried out on ring specimens made of quenched and tempered SAE 5135 gear steel with three different steel-production processes, through a bi-disc machine under pure rolling condition and water lubrication. Early formation of micro-pits then coalescing into macro-pits was observed on the rolling surface, while the final failure was caused by subsurface originated spalling phenomena. Microscope analysis of specimens section highlighted the complex surface and subsurface crack layout, and permitted to recognise sulphides as preferential sites for cracks initiation. The inclusion content was analysed throughout the extreme value statistics and the maximum expected inclusion in the Hertzian contact zone was introduced in a failure assessment diagram recently proposed, which resulted effective in predicting the specimen failures.