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The steel industry is interested in developing high strength steels for lightweight applications. Typically, austenitic stainless steels have good ductility and formability but their yield strength is quite low.1) There are several methods to improve the strength, e.g., solid solute strengthening, work hardening and grain size refinement.2) Many austenitic stainless steels are metastable at the room temperature so that during cold working some strain-induced martensite (SIM) forms, thereby increasing their strength3) but reducing ductility.2) Therefore, other strengthening methods such as grain size refinement are preferred.4–8) An ultrafine grain size can be obtained by heavy cold deformation to create a high fraction of SIM that during subsequent proper annealing treatment reverts back to austenite. Martensitic reversion has already been investigated and reported during the 1970’s, as referred by Tomimura et al.4) They also noted the formation of a fine austenite grain size obtained from reversed martensite in their experimental Cr–Ni steels. Since then, grain refinement by the martensitic reversion treatment in both Cr–Ni and Cr–Mn austenitic stainless steels has been considered in numerous papers, Effect of Nb Microalloying on Reversion and Grain Growth in a High-Mn 204Cu Austenitic Stainless Steel