In this study, X80 pipeline steel is prepared with different Nb contents through the thermo-mechanically controlled rolling process. The effects of using two different Nb contents on the impact toughness and microstructure of the pipeline steel are examined using various experimental techniques. The results show that with the increase in Nb content, the transformation temperature Ar3 decreases, and the nucleation and growth of bainitic ferrite with lath features (LB) are promoted, while those of granular bainite (GB) are inhibited. In addition, the stability of the austenite phase increases with the increase in Nb content. Therefore, the volume fractions of LB and martensite–austenite (M/A) constituents increase, while the proportion of high-angle grain boundaries (HAGBs) decreases. The impact energy of pipeline steel at −45 °C is closely related to the Nb content. Specifically, the impact energy decreases from 217 J at 0.05 wt.% Nb to 88 J at 0.08 wt.% Nb. The cracks are preferentially formed near the M/A constituents, and the HAGBs significantly inhibit the crack propagation. The steel with 0.05 wt.% Nb has a lower content of M/A constituents and a higher proportion of HAGBs than the one with 0.08 wt.% Nb. In addition, as the Nb content increases, the crack initiation energy and the crack propagation energy decrease. Thus, the 0.05 wt.% Nb steel has a higher low-temperature impact energy.
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