A low carbon microalloyed steel, comprising in weight % about: 0.05-0.30 C; 0.5-1.5 Mn; 0.04 max S; 0.025 max P; 1.0 max Si; 0.5-2.0 Ni; 0.05-0.30 V; 0-2.0 Cu; up to 0.0250 N; up to 0.2 Cb; up to 0.3 Cr; up to about 0.15 Mo; up to about 0.05 Al; balance Fe and minor additions and impurities. The steel has a carbon equivalent value, C.E., ranging between 0.3-0.65, calculated by the formula: C.E.=C+Mn+Si+Cu+Ni+Cr+Mo+V+Cb 6 15 5.