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The equipment and technology of small bar tandem rolling line of Shijiazhuang Iron & Steel Co. in China has reached the 90’s international advanced level in the 20th century, but products on the line are mostly of common carbon steel. Currently there are few steel plants in China to produce 45 steel bars for cold drawing, which is a kind of shortage product. Development of 45 steel for cold drawing has a wide market outlook in China. In this paper, continuous cooling transformation (CCT) curve of 45 steel for cold drawing used for rolling was set out first. According to the CCT curve, we determined some key temperature points such as Ac3 temperature and Ac1 temperature during the cooling procedure and discussed the precipitation microstructure at different cooling rate. Then by studying thermal treatment process of 45 steel bars for cold drawing, the influence of cooling time on microstructure was analyzed and the optimum cooling speed has been found. All results concluded from the above studies are the basis of regulating controlled cooling process of 45 steel bars for cold drawing. Finally, the feasible production process of 45 steel bars for cold drawing on common carbon steel production line combined with the field condition was recommended. © 2004 American Institute of Physics [ABSTRACT FROM AUTHOR]