Developments related to the use of microalloy additions, primarily of Ti, Nb, and V, and controlled processing are reviewed to illustrate how steels with tailored microstructures and properties are produced from either bar or sheet steels for new automotive components. Microalloying additions are shown to control the necessary strengthening mechanisms to produce high strength materials with the desired toughness or formability for a specific application. Selected examples of direct cooled forging steels, microalloyed carburizing steels, and advanced high strength sheet (AHSS) steels are discussed.