The effect of bainitic transformation time on the microstructure and mechanical properties was investigated in a steel containing 0.4 pct C-2.8 pct Mn-1.8 pct Si. The microstructure was characterized using optical and transmission electron microscopy; it consisted of bainitic ferrite, martensite, and retained austenite. The volume fraction of bainite increased from 0.4 for the shortest bainitic transformation time (30 minutes) to 0.9 at the longest time (120 minutes). The above microstructures exhibited an extended elasto-plastic transition leading to very high initial work-hardening rates. The work-hardening behavior was investigated in detail using strain-path reversals to measure the back stresses. These measurements point to a substantial kinematic hardening due to the mechanical contrast between the microstructural constituents. The onset of necking coincided with the saturation of kinematic hardening. Examination of the fracture surfaces indicated that the prior austenite grain boundaries play an important role in the fracture process.