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An effect of tempforming on the microstructure, the carbide precipitation, and the strengthening mechanisms of high-strength low-alloyed steel has been analyzed. The quenched steel was subjected to 1 h tempering at a temperature of 873 K, 923 K, or 973 K followed by plate rolling at the same temperature. Tempforming resulted in the formation of an ultrafine grained lamellar-type microstructure with finely dispersed carbides of (Nb,V)C, Fe₃C and Cr₂₃C₆. A decrease in tempforming temperature resulted in a reduction of the transverse grain size from 950 nm to 350 nm. Correspondingly, the size of Fe₃C/Cr₂₃C₆ particles decreased from 90 nm to 40 nm while the size of (Nb,V)C particles decreased from 17 nm to 4 nm. Refining the tempformed microstructure with a decrease in thetempforming temperature provided an increase in the yield strength from 690 MPa to 1230 MPa.