It is shown that high rate extrusion is a viable production process for obtaining desirable microstructures and mechanical properties in ultrahigh carbon steels (UHCSs). The coefficient of friction for extrusion was determined for the UHCSs as well as five other materials and shown to be a function of stress--decreasing with increasing stress. The extruded UHCSs deform by a diffusion-controlled dislocation creep process. Stacking fault energies have been calculated from the extrusion data and observed to decrease with increasing concentrations of silicon, aluminum and chromium. Microstructures are either ultrafine pearlite when extruded above the eutectoid temperature or ultrafine spheroidite when extruded below the eutectoid temperature. The resulting strength--ductility properties are shown to be superior to those obtained in high-strength low alloy steels.