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In this work, the kinetics of the growth of austenite grains upon heating, the features of the processes of dynamic and static recrystallization occurring at various temperature-deformation modes of plastic deformation are investigated. Phase transformations have been studied during continuous cooling of hotdeformed austenite in low-alloy “Arc”-steel with a yield point of at least 420 MPa. The studies carried out made it possible to determine the thermal deformation parameters that ensure the formation of a finely dispersed homogeneous ferrite-bainitic structure, on the basis of which technological recommendations for industrial production were developed and sheet products were manufactured. Presented are the structure and properties of sheet metal from shipbuilding “Arc”-strength category 420 MPa.