The precipitation of niobium carbo‐nitrides in the austenite phase, interphase and ferrite phase of microalloyed steel was assessed by a critical literature review and a round table discussion. This work analyses the contribution of niobium carbide precipitates formed in ferrite in the precipitation hardening of commercially hot rolled strip. Thermodynamics and kinetics of niobium carbo‐nitride precipitation as well as the effect of deformation and temperature on the precipitation kinetics are discussed in various examples to determine the amount of niobium in solid solution that will be available for precipitation hardening after thermomechanical rolling in the austenite phase and successive phase transformation.