A flat rolled, high strength, formable steel product has a yield strength of at least about 100 ksi. The product has sufficient formability such that it can withstand a longitudinal or transverse 180.degree. bend of less than 1.0 times its thickness and is preferably comprised of a high strength, low alloy steel composition containing a vanadium-nitride microalloy. The steel product is preferably produced by cold rolling a first steel product having a yield strength of at least about 70 ksi and a n-value from about 0.1 to about 0.16. Cold rolling of the first steel product reduces its thickness and increases its yield strength to at least 100 ksi.