In order to control microstructure and performances of steel products, the investigation has been taken to the ways to refine grains in steels and the mechanisms, the availability in industrial production of ultrafine grain steel products, and the applications of ultrafine grain steel products. It is shown that strength of steels can be increased without detriment to ductility when ferrite grains are refined to less than 4 μm in low carbon steels. Based on the study of deformation induced transformation, a new rolling technology has been developed to refine ferrite grains in plain low carbon steel rebar and strip. Plain low carbon steel rebars of 400 MPa grade, with ferrite grains in the range of 4-8 μm, have been developed as the candidate to replace microalloyed steel rebars. High strength plain low carbon steel strips in the yield strength range from 345 to 420 MPa have been used for components conventionally made of microalloyed steels. Ultrafine grained microalloyed steel strip has also been developed. A new on-line cementite spheroidization softening technology has been studied for the wire rod production of medium carbon bolt steel. It is obvious that deformation could also induce pearlite transformation in eutectoid steel.