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Due to its affordability, excellent stiffness-to-density ratio, and predictable forming characteristics, steel has historically dominated the material selection for vehicle body structures. As light-weighting has gained momentum due to more stringent vehicle emissions standards, the usage of Advanced High Strength Steels (AHSS) has proliferated during the past two decades. In the last decade, significant efforts have been made in developing the “third generation” of AHSS with strength-ductility combinations significantly better than in the first generation AHSS. A paradigm changing nanostructured 3rd Generation AHSS has been developed by NanoSteel that will be described with a focus on the new mechanisms, enabling structures, and resulting mechanical properties.