In all application fields for hot rolled strip products for direct processing, e.g. construction and engineering but also crane and truck industry, there is a strong customers demand for grades with increased strength levels and well balanced formability. At voestalpine Stahl GmbH these requirements were met with the development of the high strength microalloyed steel grade ALFORM700M and the ultra high strength steel grade ALFORM900M with a minimum yield strength (YS) of 700 MPa and 900 MPa, respectively. In the present paper investigations on the steel grades ALFORM700M and ALFORM900M are introduced. To explain the evolution of the obtained complex microstructures consisting of bainitic ferrite, bainite and martensite alloy design and industrial production process is discussed on the base of dilatometric experiments and TEM investigations. The formation of precipitates is studied by using a numerical model, chemical methods and mechanical testing after heat treatment. Mechanical and mechanic-technological properties of the two steel grades are compared. Furthermore, some processing aspects as weldability an bending behaviour are highlighted. Finally, some typical applications for this high and ultra high strength steel grades are presented.