The formability of dual‐phase high‐alloy Cr‐Ni steel within the temperature range from 900 to 1250°C was studied using laboratory tensile and torsion tests. The dual‐phase steels on 24% Cr basis are characterized by poor hot formability due to very low stable deformation values and slow recrystallization. Mathematical description of deformation stability exhaustion was derived, as well as a model of formability control based on analysis of the gradual diffuse deformation stability from the stability limit to the moment when the deformation starts to concentrate in a small volume of the test piece. Rolling simulation of dual‐phase steel strip was used as an example demonstrating the draught scheme optimization technique which avoids the danger of crack occurrence during the rolling of dual‐phase steel strip.