Ultrafine-grained dual phase microalloyed V-Nb steel with ultimate tensile strength of 1371 MPa and uniform elongation of 16 pct characterized by bimodal ferrite grain structure was obtained through warm rolling and subsequent intercritical annealing. The bimodal ferrite grain structure with uniform dispersion of Nb/V carbides and strong γ-fiber texture promoted high strain hardening rate and high uniform elongation and high strength is attributed to ultrafine-grained ferrite and martensite. © 2014, The Minerals, Metals & Materials Society and ASM International.