The present invention provides steel sheet products having controlled compositions that are subjected to two-step annealing processes to produce sheet products having desirable microstructures and favorable mechanical properties such as high strength and ultra-high formability. Steels processed in accordance with the present invention exhibit combined ultimate tensile strength and total elongation (UTS·TE) properties of greater than 25,000 MPa-%. Steels with these properties fall into the category of Generation 3 advanced high strength steels, and are highly desired by various industries including automobile manufacturers.