In the present study, wedge-shaped samples were used to determine the effect of nominal equivalent strain (between 0 and 1.2) and carbon content (0.06—sh0.35%C) on ferrite grain refinement through dynamic strain-induced transformation (DSIT) in plain carbon steels using single-pass rolling. The microstructural evolution of the transformation of austenite to ferrite has been evaluated through the thickness of the strip. The results showed a number of important microstructural features as a function of strain which could be classified into three regions; no DSIT region, DSIT region and the ultrafine ferrite (UFF) grain region. Also, the extent of these regions was strongly influenced by the carbon content. The UFF microstructure consisted of ultrafine, equiaxed ferrite grains (<2 μm) with very fine cementite particles. In the centre of the rolled strip, there was a conventional ferrite-pearlite microstructure, although ferrite grain refinement and the volume fraction of ferrite increased with an increase in the nominal equivalent strain.