The structure and properties of HSLA steel obtained by Osprey forming process were investigated. The porosities were generated at the bottom of specimen due to the quenching effect of cold substrate during forming. The steel had a bainitic structure. The grain size were different among positions due to the cooling rates. The elements such as Mn, S, Si, Cr, Mo and etc. were contained in inclusions. They were formed at grain boundries. The size of them was $1{sim}2{mu}m$ and has nothing to do with the chemical composition. MnS and NbC were precipitated during rolling and aging.