The steel contains carbon, silicon, chrome, and molybdenum. Multi-directional hot forging was implemented on 5 successive steps, for matrix grains refinement with homogeneously distributed embedded Cr/Mo carbides. Forging at the 1st step was carried out at 1150 oC and finished at 1000 oC, while the final 5th deformation step was finished at 890 oC, where the cross-section area reduction was reachin to 64.03 %. The Z-parameter was then evaluated for each forging step. It is found that the Z-parameter increases continuously, which is resulting in successive decrease of expected γ-grain size, and consequently the generated microstructure is subjected to repeated grain refinements. The forged steel rods were then heat treated at 930 oC and soaked for 15 min. and followed by a salt bath 1st quenching at 400 oC for 15 min. And followed by oil (2nd) quenching. After the 2 quenching cycles, the generated microstructure contains bainite islands interspersing across freckled ferrite matrix with scattered Cr/Mo carbides. The generated bainite is featured with a low carbon content. Thermodynamically, Cr/ Mo carbides are the most stable carbides within the working temperature range. The bainitic aggregates are found surrounded by thin retained austenite films. Quenching in water after salt bath treatment creates platelet late martensite integrated with the widespread Cr/Mo carbides, that existing between the ferrite matrix grains.