1. Ferrite grain shape and size are the structural characteristics which define the cold deformability of steel 12KhN3A, while the most desirable structure for cold deformation is ferrite-pearlite with uniform, inclusion-free, ferrite grains of ∼0.04 mm size,characterized by a banding of not higher than class 1. The cementite particle shape does not affect the deformability of steel 12KhN3A until the deformation reaches e=60%, while individual pearlite colonies affect it as a separate phase, i.e. similar to speroidized cementite. 2. The most desirable structure for steel 40Kh is spheroidized pearlite with cementite glubiles >1 μm in size, evenly distributed throughout the ferrite matrix. Cementite particles of this size do not present obstacles to dislocation transport, and to the development of slip during the deformation. 3. To intensify the cementite spheroidization process in medium-carbon steels, their preliminary quenching temperature must be increased to Ac3+(150–200°C) while their isothermal heating in the intercritical temperature range of the second thermal cycle should be increased to Ac3 −20°C. 4. New technological SHT methods were developed for hard-to-deform 40Kh and 12KhN3A steels, ensuring formation of the best microstructures, satisfactory deformability of the workpieces, and resistance to tool wear during cold drop forging.