A hot strip mill having a final reducing stand and runout cooling means downstream of the reducing stand includes an incubator capable of coiling and decoiling the hot strip. The incubator is located intermediate the runout cooling means. In a preferred form the final reducing stand is a hot reversing mill. A second incubator and/or a temper mill and/or a slitter may be positioned downstream of the first incubator. The method of rolling includes isothermally treating the strip within a predetermined time and temperature range in the incubator prior to subsequent processing. The subsequent processing may include any one or more of the following: further deformation by cold rolling, temper rolling or cooling at a desired heat loss rate.