Low-carbon bainitic steels have created enormous interest among scientists across the world in the past few decades because of their high strength, toughness, and weldability replacing the conventional quenched and tempered medium-carbon steels. Three experimental steels with varying alloy additions were made in a 100-kg laboratory induction furnace and cast into 100-mm-diameter cylindrical ingots. These ingots were hot-rolled and air-cooled to 6-mm plates in an experimental rolling mill with selected thermomechanical parameters. Steels processed through this process provided an ultrafine low-carbon bainitic microstructure with maximum yield strength (YS) and ultimate tensile strength (UTS) 575 and 705 MPa, respectively. The Charpy impact toughness of the experimental steels was excellent, and at 253 K (–20 °C), it varied from 114 to 170 Joules. Cu-B-added steel was found to give an optimum combination of strength, YS-575 MPa, and toughness, 114 J at 253 K (–20 °C). Thus, fine-grained, low-carbon bainitic steels could be developed with a proper combination of alloying elements and thermomechanical parameters even by air-cooling.