A dual phase steel has been produced directly from the liquid under conditions that simulate direct strip casting and thin slab casting. The kinetics of polygonal ferrite formation during the inter-critical anneal were quantified using the JMAK approach, and this revealed significantly retarded transformation kinetics in the strip cast samples compared to the commercial steel that was processed through the conventional hot rolling approach. The transformation rate in the strip cast samples were as much as three orders of magnitude slower compared to the commercial steel. It was found that the kinetics of the ferrite formation were retarded principally by the large prior austenite grain size in the strip cast samples, and this hypothesis was tested experimentally by both coarsening of the prior austenite grain size, and by refinement of the prior austenite grain size. However, even after grain size normalization, small differences in transformation kinetics between the direct strip cast and commercial steel specimens were observed. These differences were explained by investigation of MnS precipitation in the steels. It was found that the transformation rate is high when the solutes are in solid solution, and that the rate of transformation slows significantly when precipitation of nano-precipitates occurs.