A new alloying concept is proposed to develop a hot‐rolled weathering steel with a dual‐phase microstructure in order to combine good anticorrosion and good forming properties. The chemical composition in wt% comprises 0.11C, 0.5 Si, 1.52 Mn, 0.055 P, 0.4 Cr, 0.3 Ni, and 0.3 Cu. The phase transformation behavior is investigated by means of continuous cooling transformation diagrams. Different cooling strategies are applied in thermo‐mechanical simulation experiments for proper adjustment of the dual‐phase microstructure. The laboratory‐scale processing parameters are transferred to a pilot hot rolling plant. The hot‐rolled sheets are characterized by tensile testing and quantitative metallography. The produced hot‐rolled steel sheets consist of a microstructure with 71 vol% ferrite, 2 vol% pearlite, and 27 vol% martensite achieving average mechanical properties of 375 MPa for Rp0.2, 740 MPa for Rm, and 14% for A50. A delayed ferrite transformation makes step cooling unnecessary and enables easy processing by continuous cooling after hot rolling. The tendency to microstructural banding decreases as the cooling rate increases.