The main goal of this study was to develop a new processing technology for a high-strength low-alloy (HSLA) steel in order to maximize the mechanical properties attainable at its low alloy levels. Samples of the steel were processed using thermal deformation schedules carried out in single-phase (γ) and dual-phase (γ + α) regions. The samples were rolled at unconventional finishing temperatures, their final mechanical properties were measured, and their strength and plasticity behavior was analyzed. The resulting microstructures were observed using optical and transmission electron microscopy (TEM). They consisted of martensite, ferrite and (NbV)CN precipitates. The study also explored the process of ferrite formation and its influence on the mechanical properties of the material.