Suitable steels for precision forging should combine good formability and good machinability but this involves conflicting metallurgical requirements. The objective of the programme is to identify steel compositions, structures and additives capable of offering optimum machining and forming characteristics. Different post-forging cooling conditions will be examined and laboratory forming trials will be supplemented by dilatometer studies involving various temperature, deformation and cooling cycles. The aim is to enable European steel-makers, designers and production engineers to maximise the potential offered by precision forging techniques to reduce production costs and thus increase the use of steel in automotive and other engineering components.