Recently, the application of wire-arc additive manufacturing (WAAM) for the production of metallic products is gaining traction. WAAM is associated with the direct energy deposition technique and therefore has a higher deposition rate (approximately 4 kg/h). For this reason, it is of greater interest than powder-based additive manufacturing techniques. Industrial applications such as marine and offshore structures and pressure vessels for space programs commonly utilize high-strength low-alloy (HSLA) steel. HSLA steel components produced by casting methods exhibit defects due to oxidation. Therefore, cold metal transfer (CMT)-WAAM was adopted in this study to fabricate HSLA steel components. The metallurgical properties were analyzed using microscopic and diffraction techniques. The effects of the evolved microstructures on mechanical properties, such as strength, microhardness, and elongation to fracture, were evaluated. To analyze and test the structure, two regions were selected, namely, top and bottom. Microstructural analyses revealed that both regions were primarily composed of acicular ferrite, polygonal ferrite, and bainitic structures. The bottom region exhibited superior mechanical properties compared with the top region. The improved strength at the bottom region can be ascribed to the formation of a high density of dislocations and finer grains.