Gas and oil pipelines for the Arctic region must sustain low temperatures and high internal pressures of a corrosive active medium. Generation of new steel compositions for oil and gas pipelines is an urgent issue in order to ensure their high reliability. Low-carbon steels with a ferritic–pearlitic structure are normally used in pipe production, but they are unable to cope with increased market demands. The main objective of this study is to investigate the influence of the cooling rate on the structure and morphological characteristics of bainite, which determines the exploitation properties of the pipe steels. Dilatometric tests were carried out using a Gleeble 3500 complex. Optical microscope and scanning electron microscope analysis, with the computer image analysis system Thixomet PRO, were used to study the microstructure of steel. Hardness was measured in accordance with ASTM E-384. Morphological characteristics of bainite components that were formed at various cooling rates from 0.05 to 100 °C/s were defined. The novel result of this study is the continuous cooling transformation diagram of undercooled austenite of the steel containing 0.062% C; 1.80% Mn; 0.120% Mo; 0.032% Cr, 0.90% Ni and other elements (Al, Cu, V, Nb, Ti).