In recent years, the efficient grain size refinement in austenitic stainless steels by the martensitic reversion process and the mechanical properties achieved in a laboratory-scale have been investigated extensively. In order to demonstrate the feasibility of this processing in an industrial-scale, a commercial 18Cr-7Ni-0.15N Type 301LN steel was cold rolled to various relative low thickness reductions (32–56%) to obtain 70–95% deformation induced martensite and subsequently annealed in an industrial-scale pilot induction line at the peak temperatures of 660–820 °C. Some sheets were subsequently cold rolled 10–20% to compare the mechanical properties with those of the commercial strengthened grades. Results showed that the induction annealing at around 700 °C can produce reversed structures with much enhanced tensile and fatigue strengths compared to those of the commercial steel. The stability of the grain-refined austenite is lower than that in the commercial steel, but still cold rolling strengthening remains ineffective.