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The evolution of ferrite grain and cementite lamella during cold rolling in a granular carbide-pearlite steel has been inves-tigated.Particular attention has been given to a quantitative characterization of changes in the ferrite grains.Electron back-scattered diffraction and transmission electron microscopy observations show that the ultrafine ferrite(～388 nm)can be produced through low equivalent strain cold rolling without severe plastic deformation(SPD)and annealing.The average grain size of ferrite depends on the volume fraction,shape and distribution of granular carbides as well as interlamellar spac-ing of pearlite.A general explanation of granular carbides-assisted grain refinement is that the embedded carbides between natural barrier will significantly facilitate dislocation nucleation during cold rolling.Dislocation reaction occurs more dras-tically and quickly near these granular carbides.Such reactions promote the formation of high-angle grain boundaries.The formation of ultrafine ferrite grains and subgrains in steel after cold rolling to e = 1.4 strain makes the strength and ductility increased simultaneously compared with ε=0.6 cold-rolled steel.The results suggest a new material design strategy to obtain ultrafine-grained structure via the granular carbides assistance.