A method of designing low cost, high strength, high toughness martensitic steel uses mathematical modeling to define optimum low cost chemical compositions, the content of retained austenite, and critical temperatures; melting an ingot, processing same, making steel articles, and heat treating the articles using the critical temperatures and the content of retained austenite. The new steel comprises, by weight, about 0.3-0.45% of C; at most 2.5% of Cr; at most 1.0% of Mo; at most 3.50% of Ni; about 0.3 to 1.5% of Mn; about 0.1-1.3% of Si; about 0.1-1.0% of Cu; Cu being less than Si; about 0.1 to 1.0% of V+Ti+Nb; at most 0.25% of Al; the sum of alloying elements being less than about 11.5%; the balance being essentially Fe and incidental impurities. Procedures of melting, processing and heat treatment using the mathematical model are disclosed.