The present invention provides steel sheet products having controlled compositions that are subjected to two-step annealing processes to produce sheet products having desirable microstructures and favorable mechanical properties such as high strength and ultra-high formability. The steel sheet products may be cold rolled or hot rolled. Steels processed in accordance with the present invention exhibit favorable combined ultimate tensile strength and total elongation (UTS·TE) properties, and may fall into the category of Generation 3 advanced high strength steels, desirable in various industries including automobile manufacturers.