The concept of microstructural engineering of steels is well established and is the basis for a wide range of processes and products. Recently, though, there has been increasing emphasis in developing microstructures that have submicron length scales and also in understanding in far greater detail the structures and solute effects that are occurring at the nanoscale. In this review it is proposed that we are heading towards the situation where we are applying nanostructural engineering concepts in the development of new steels. A range of examples are given as well as a discussion of the potential impact of new processing routes. Clearly the future advances will be driven through improved characterization methods, such as atom probe tomography, in combination with advanced modeling.