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Development of economical, as rolled, high strength low alloy steels is the requirement of the day due to its unique features such as increased strength, toughness, formability and weldability property. These materials are required for a variety of critical applications such as long and cross members of auto chassis, pre-engineered building (PEB) structures etc. In line with the developmental trend and market requirement, special quality hot rolled formable grades such as HSFQ 350/ 450 (High Strength Formable Quality) have been selected for development at Rourkela Steel Plant (RSP). The newly developed HSFQ hot rolled steel possess an attractive combination of strength and formability property which is typically quantified as high elongation (25 % min) and hole expansion ratio (145 % min) coupled with lower YS/UTS ratio (0.80-0.85). This has been possible as a result of innovative alloy design and synergistic effect of Nb & Si during controlled processing.