To improve impact and flexure properties of ultrahigh carbon steel (UHCS-1.3 wt.% C), a multilayer laminate consisting of 20 layers of the same UHCS has been processed by hot rolling. Two different rolling conditions gave rise to “soft” and “severe” laminates. The toughness of the “soft” laminate, measured by impact test absorbed energy, was more than forty times higher than that of the monolithic UHCS and three times higher than that of mild steels. In contrast, the “severe” laminate showed no increase in toughness with respect to the monolithic UHCS. This large difference in behaviour was studied by means of shear and bend tests, which gave valuable information on bond quality and delamination.