Two low-C steels microalloyed with Nb were fabricated by simulated strip casting, one with Mo and the other without Mo. Both alloys were coiled at 900 °C to investigate the effect of Mo on the precipitation behaviour in austenite in low-C strip-cast Nb steels. The mechanical properties results show that during the coiling at 900 °C the hardness of both alloys increases and reaches a peak after 3000 s and then decreased after 10,000 s. Additionally, the hardness of the Mo-containing alloy is higher than that of the Mo-free alloy in all coiling conditions. Thermo-Calc predictions suggest that MC-type carbides exist in equilibrium at 900 °C, which are confirmed by transmission electron microscopy (TEM). TEM examination shows that precipitates are formed after 1000 s of coiling in both alloys and the size of the particles is refined by the addition of Mo. Energy dispersive spectroscopy (EDS) and electron energy loss spectroscopy (EELS) reveal that the carbides are enriched in Nb and N. The presence of Mo is also observed in the particles in the Nb-Mo steel during coiling. The concentration of Mo in the precipitates decreases with increasing particle size and coiling time. The precipitates in the Nb-Mo steel provide significant strengthening increments of up to 140 MPa, much higher than that in the Nb steel, ~ 96 MPa. A thermodynamic rationale is given, which explains that the enrichment of Mo in the precipitates reduces the interfacial energy between precipitates and matrix. This is likely to lower the energy barrier for their nucleation and also reduce the coarsening rate, thus leading to finer precipitates during coiling at 900 °C.