This study investigated the microstructures of pearlite and martensite transformed from ultrafine-grained austenite in 0.45C steel and Vadded 0.45C steel. The mean prior austenite grain sizes were refined to be 4.5 μm in the 0.45C specimen and 2.4 μm in the V-added 0.45C specimen through cyclic heat treatment of austenitizing and water quenching, i.e., repetition of martensite § austenite trans...