Torsion simulations were carried out of both plate (long interpass times) and strip (short interpass times) rolling. Both isothermal and continuous cooling conditions were employed. The dynamic transformation of austenite to ferrite was observed under all conditions and at all temperatures within the austenite phase field. About 8 to 10 volume percent ferrite was formed in a given pass, leading to about 50 – 70 % ferrite at the end of selected simulations. During the interpass intervals, some retransformation to austenite took place, the amount of which increased with holding time and temperature and decreased with the addition of alloying elements. It is shown that the driving force for the transformation is the softening associated with the replacement of work-hardened austenite grains by the softer alpha phase. The implications with respect to rolling load (i.e. mean flow stress) are also discussed.