The use of microalloyed steels in the production of thick plates is expanding due to the possibility of achieving attractive combinations of strength and toughness. As market requirements for high strength plates are increasing and new applications require reduced weight and innovative designs, novel approaches to attaining cost-effective grades are being developed. The mechanism of precipitation strengthening has been widely used in thin strip products, since the optimization of the coiling strategy offers interesting combinations in terms of final properties and microalloying additions. Precipitation strengthening in thick plates, however, is less widespread due to the limitation of interphase precipitation during continuous cooling after hot rolling. With the main objective of exploring the limits of this strengthening mechanism, laboratory thermomechanical simulations that reproduced plate hot rolling mill conditions were performed using low carbon steels microalloyed with Nb, NbMo, and TiMo additions. After continuous cooling to room temperature, a set of heat treatments using fast heating rates were applied simulating the conditions of induction heat treatments. An important increase of both yield and tensile strengths was measured after induction treatment without any important impairment in toughness properties. A significant precipitation hardening is observed in Mo-containing grades under specific heat treatment parameters.