The development of ultrafine grained microstructures in steels has received considerable attention in recent times. In many cases the aim is to produce high strength structural steels with minimal alloying. It is well established that for an equiaxed ferrite with a uniform dispersion of second phase, both the strength and toughness will be markedly improved if the grain size can be reduced to 1-2 µm, from the typical range of 5-10 µm. Means of achieving this through dynamic strain induced transformation are examined here, following a brief overview of some of the key issues encountered when attempting to refine the austenite in existing mill configurations. A number of deformation microstructure maps are developed to aid the discussion.