The hot-deformation of a microalloyed steel sets the stage for the processes of static-recrystallization and strain-induced precipitation. A physically-based model was developed to describe the interaction of these two processes. The precipitates were assumed to form, exclusively, on dislocations. Dynamic effects as well as static recovery were ignored. Given the alloy composition, deformation temperature and dislocation density, the model is able to predict the recrystallized fraction as a function of time. The model may be used to construct recrystallization-time-temperature (RTT) maps as well as deformation-temperature (DT) maps. The predictions of the model are in excellent qualitative agreement with experimental observations.