A process for producing a low yield ratio, high strength two-phase steel sheet comprising hot rolling a steel composition containing 0.03 to 0.13% C, 0.8 to 1.7% Mn, not more than 0.1% Al, not more than 2.0% Si and not more than 0.5% Cr with a finishing temperature ranging from 750.degree. C. to 890.degree. C., rapidly cooling the strip to a temperature not higher than 230.degree. C., and coiling the strip at a temperature not higher than 230.degree. C. with the temperature variation during the period between the start and end of the coiling being no more than 100 degrees C. The Si content is limited to 1% or less for applications where paintability is of primary importance, and is limited to a range of from 1 to 2% for applications where the ductility is of primary importance. The process effects improvements in the artificial ageing property after working which improvement is uniform throughout the whole length of a coiled strip. The product obtained by the process is also described.