A novel strategy involving warm rolling and tempering-annealing was introduced to optimize the strength-ductility balance of Fe-10.2Mn-2.2Al-0.41C-0.6 V (wt. %) steel. The V- and κ-carbide particles produced during the tempering are critical for tailoring the austenite characteristics during the subsequent annealing. Austenite that nucleates on Mn-rich κ-carbides inherit their high Mn content and fine grain size. Quantitative calculations suggest that the pinning effect exerted by the V-carbide particles strongly resists grain boundary motion and recrystallization grain growth, further refining the final microstructure. Moreover, the dual nano-sized particles induce abnormal variations in the grain size and fraction of austenite, influencing the deformation mechanisms. In the absence of deformation twins, the fresh martensite develops into “separating walls” to refine the microstructure and further enhances the work hardening in addition to the complex dislocation mobile. Finally, the tempered-annealed sample demonstrated a simultaneous increase in the yield and tensile strengths from 1166 to 1452 MPa and 1507–1727 MPa, but a slight decrease in the total elongation from 18.6% to 16.8% compared to annealed sample, achieving a good strength-ductility balance.
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