This paper examines microalloyed steels—steels which develop their properties in the as-received condition without requiring further heat treatment, such as quenching and tempering. Microalloyed steel bars and forgings offer a clear cut potential for cost reduction and energy savings. The metallurgy for producing high strength microalloyed bars and forgings is in place. However, significant improvement in the notch toughness of these materials is necessary, and the metallurgy required to achieve this toughness improvement exists. With application of the necessary metallurgical techniques in rolling mills and forge shops, the utilization of high strength microalloyed steel bars and forgings will increase greatly.