Exemplary embodiments of the present invention can provide a hot dip galvannealed steel sheet which has excellent corrosion resistance, workability, coatability and appearance. The exemplary galvannealed sheet can include an ultra-low carbon steel sheet having a plating layer which includes about 8 to 13% Fe, about 0.05 to 1.0% Ni, about 0.15 to 1.5% Al, and a balance of Zn and unavoidable impurities. An exemplary method for producing a hot dip galvannealed steel sheet is also provided which can include cleaning an annealed ultra-low carbon steel sheet, preplating it with Ni, rapidly heating the sheet in a nonoxidizing or reducing atmosphere, plating the sheet in a galvanization bath containing Al, wiping it, then rapidly reheating it and either cooling the sheet without any soaking time or soaking and holding it for less than 15 seconds and then cooling it.