In this work, the presence of dynamically formed ferrite above the Ae3 temperature during the physical simulation of hot rolling was presented. This unusual metallurgical process is known as dynamic transformation (DT). The metastable ferrite phase undergoes a reverse transformation when the temperature is held above the Ae3 by means of a diffusion process. These phenomena affect the rolling load during high-temperature plate rolling. Therefore, a linepipe X70 steel was studied under plate rolling with two-pass roughing and seven-pass finishing strains of 0.4 and 0.2, respectively, applied at strain rate of 1 s−1 and interpasses of 10, 20, and 30 s. The samples were cooling down during deformation, which mimics the actual industrial hot rolling. It was observed that the alloy softens as the hot rolling progresses, as depicted by flow curves and mean flow stress plots, which are linked to the combined effects of dynamic transformation and recrystallization. The former initially occurs at lower strains, followed by the latter at higher strains. The critical strain to DT was affected by the number of passes and temperature of deformation. Shorter interpass time allows higher amounts of ferrite to form due to higher retained work hardening. Similarly, the closer the deformation temperature to the Ae3 permits a higher DT ferrite fraction. The information from this work can be used to predict the formation of phases immediately after hot rolling and optimize models applied to the accelerated cooling.