Abstract: A steel of particular utility in forging applications has a composition, in weight percent, of from about 0.05 to about 0.35 percent carbon, from about 0.5 to about 2.0 percent manganese, from about 0.5 to about 1.75 percent molybdenum, from about 0.3 to about 1.0 percent chromium, from about 0.01 to about 0.1 percent niobium, from about 0.003 to about 0.06 percent sulfur, from about 0.003 to about 0.015 percent nitrogen, from about 0.2 to about 1.0 percent silicon, balance iron plus conventional impurities. The steel may be worked in the austenite region to produce a well-conditioned austenite structure, cooled to transform the microstructure to a mixture of ferrite and bainite, and then cold forged to a final form. The steel may also be hot forged without first producing the well conditioned austenite. Heat treating of the final product is not required.