The compression behavior of a ferritic-martensitic Cr-Mo steel is characterized for strain rates ranging from 10-4 s-1 to 10-1 s-1 and engineering strains up to 40%. Adiabatic heating causes a
reduction in flow stress during continuous compression at a strain rate of 10-1 s-1. No reduction in the flow stress is observed if interrupted compression tests are performed with loading and holding steps. Two work-hardening stages with work-hardening rates decreasing linearly with the flow stress are identified and interpreted in terms of the KocksMecking model. The microstructural evolution is governed by storage of dislocations leading to formation of fine subgrains within martensitic laths.