A press formable high-strength steel sheet with high flow stress during dynamic deformation, characterized in that the steel sheet contains, in terms of wt %, C at from 0.03% to 0.3%, either or both Si and Al at a total of from 0.5% to 3.0% with the remainder Fe as a primary component, and the microstructure of the steel sheet in its final form is a composite microstructure of a mixture of ferrite and/or bainite, either of which is the dominant phase, and a third phase including retained austenite at a volume fraction between 3% and 50%, wherein the difference between the static tensile strength σs when deformed in a strain rate range of 5×10−4-5×10−3 (l/s) after pre-deformation at an equivalent strain of greater than 0% and less than or equal to 10%, and the dynamic tensile strength σd when deformed at a strain rate of 5×102-5×103 (l/s) after said pre-deformation, σd−σs, is at least 60 MPa, the difference between the average value σdyn (MPa) of the flow stress at an equivalent strain in the range of 3-10% when deformed in a strain rate range of 5×102-5×103 (l/s) and the average value σst (MPa) of the flow stress at an equivalent strain in the range of 3-10% when deformed in a strain rate range of 5×10−4-5×10−3 (l/s) satisfies the inequality:
- (σdyn−σst)≧−0.272×TS+300 as expressed in terms of the maximum stress TS (MPa) in the static tensile test as measured in a strain rate range of 5×10−4-5×10−3 (l/s), the value (M) determined by the solid solution (C) in said retained austenite and the average Mn equivalents of the steel sheet {Mn eq=Mn+(Ni+Cr+Cu+Mo)/2}, defined by the equation M=678−428×(C)−33 Mneq is at least −140 and less than 70, the retained austenite volume fraction of the steel sheet after pre-deformation at an equivalent strain of greater than 0% and less than or equal to 10% is at least 2.5%, the ratio between the initial volume fraction of the retained austenite V(0) and the volume fraction of the retained austenite after pre-deformation at an equivalent strain of 10% V(10), V(10)/V(0), is at least 0.3, and the work hardening coefficient calculated from stresses at 5% and 10% of strain is at least 0.130.