According to the on-line publication Gizmag, some manufacturers are testing steel treated through the process, dubbed Flash Bainite, and seeing impressive results.  

As Gizmag describes, the process puts standard carbon steel through a roller-driven system that induction-heats and liquid-cools the steel in a matter of about 10 seconds.

The result is steel that is 7 percent stronger than martensitic advanced high-strength steel but 30 percent more formable.
Inventor Gary Cola told the publication that a major auto manufacturer has tested Flash Bainite processed tubing as a material for car door impact beams, roof rails and other parts

"This OEM found that Flash 1500 could offer a one-third mass reduction and cost savings over the 'industry standard' DP1000, known at the time to be the strongest hydroformable tube," Cola told Gizmag. "During this development, it was discovered that Flash 1500 (Flash-processed AISI1020) could be formed into very tight bends, almost as tight as simply folding a sheet of paper."

He said another major tested Flash-processed steel on a structural component that is 3 mm thick and weighs 1.4 kg.  Using the flash treatment, a part was created that weighs 0.9 kg and is 2 mm thick -- and passes all the same tests.

The publication said the new treatment method could lead to vehicles that are significantly lighter vehicles that are less expensive to produce.