A new thermally stable, nanocrystalline bainitic steel has been developed, rich in nickel and aluminium. During tempering, it is expected that a significant quantity of intermetallic precipitates will form. This was confirmed by X-ray diffractometry, scanning transmission electron microscopy, Fourier transform analysis of atomic column images, energy dispersive X-ray spectroscopy and selected area electron diffraction. These are the first intermetallics to be produced in a nanocrystalline bainitic steel.