A new route to fabricate ultrafine grained (UFG) ferritic steel sheets without severe plastic deformation is proposed in this article. A low-carbon steel sheet with a duplex microstructure composed of ferrite and martensite was cold-rolled to a reduction of 91% in thickness, and then annealed at 620-700 A degrees C. The microstructure obtained through the process with annealing temperatures below 700 A degrees C was the UFG ferrite including fine cementite particles homogenously dispersed. The grain size of ferrite matrix changed from 0.49 to 1.0 mu m depending on the annealing temperature. Dynamic tensile properties of the produced UFG steels were investigated. The obtained UFG ferrite-cementite steels without martensite phase showed high strain rate sensitivity in flow stress. The UFG ferritic steels are expected to have high potential to absorb crash energy when applied to automobile body.