A new class of die steels for hot deformation, namely, steels with regulated austenitic transformation realized during exploitation (RATE) have been developed in Russia. These steels are characterized by the technological advantages typical of traditional α-solid solution-based steels and, when working in the austenite state, assure the enhanced tool life. The structure, phase composition and hardening of RATE steel have been analyzed by an example of steel containing 0.41 % C, 1.04 % Si, 3.59 % Mn, 2.41 % Cr, 5.07 % Ni, 2.40 % Mo, 0.69 % V, 0.51 % Ti, 0.25 % Co subjected to thermomechanical treatment, which includes the austenization and multiple plastic deformation. The nanophase hardening occurs in RATE steels being in the austenitic state, during multiple plastic deformation at temperatures of 450-750 °C. The precipitation of nano-sized heat-resistant excess phases ensures the inhibition of recrystallization processes at operating temperatures, inhibits the grain growth, and increases the stability of the austenite.