Four types of ultra-low carbon bainite (ULCB) steels were obtained using unified production methods to investigate solely the effect of niobium content on the performance of ULCB steels. Tensile testing, low-temperature impact toughness testing, corrosion weight-loss method, polarization curves, electrochemical impedance spectroscopy (EIS), and the corresponding organizational observations were realized. The results indicate that the microstructure of the four steels comprise granular bainite and quite a few martensite/austenite (M/A) elements. The niobium content affects bainite morphology and the size, quantity, and distribution of M/A elements. The elongation, yield strength, and tensile strength of the four types of ULCB steels are above 20%, 500 MPa, and 650 MPa, respectively. The impact toughness of the four types of ULCB steels at −40 °C is lower than 10 J. Steel with Nb content of 0.0692% has better comprehensive property, and maximum charge transfer resistance in 3.5 wt.% NaCl solution at the initial corrosion stage. The corrosion products on the surface of steel with higher niobium content are much smoother and denser than those steel with lower niobium content after 240 h of corrosion. The degree of corrosion decreases gradually with the increase of niobium content at the later stage of corrosion.

In order to provide important guidance for controlling and obtaining the optimal microstructures and mechanical properties of a welded joint, the continuous cooling transformation diagram of a new low-carbon Nb-microalloyed bainite E550 steel in a simulated coarse-grain heat-affected zone (CGHAZ) has been constructed by thermal dilatation method in this paper. The welding thermal simulation experiments were conducted on a Gleeble-3800 thermo-mechanical simulator. The corresponding microstructure was observed by a LEICA DM2700M. The Vickers hardness (HV) and the impact toughness at −40 °C were measured according to the ASTM E384 standard and the ASTM E2298 standard, respectively. The experimental results may indicate that the intermediate temperature phase transformation of the whole bainite can occur in a wide range of cooling rates of 2–20 °C/s. In the scope of cooling rates 2–20 °C/s, the microstructure of the heat-affected zone (HAZ) mainly consists of lath bainite and granular bainite. Moreover, the proportion of lath bainite increased and granular bainite decreased as the cooling rate increasing. There is a spot of lath martensite in the microstructure of HAZ when the cooling rate is above 20 °C/s. The Vickers hardness increases gradually with the increasing of the cooling rate, and the maximum hardness is 323 HV₁₀. When the cooling time from 800 °C to 500 °C (t_8/5) is 5–15 s, it presents excellent −40 °C impact toughness (273–286 J) of the CGHAZ beyond the base material (163 J).