Drawn low carbon steel is characterized by brittle fracture. These defects are associated with the poor ductility and high strain hardening due to the cold work. There is a need therefore to determine optimum heat treatment parameters that could ensure improved toughness and ductility. Determining the optimum annealing parameters ensures valued recrystallization and also minimizes grain growth that could be detrimental to the resulting product. 40% and 55% cold drawn steels were annealed at temperatures 500℃ to 650℃ at intervals of 50℃ and soaked for 10 to 60 minutes at interval of 10 minutes to identify the temperature range and soaking time where optimum combination of properties could be obtained. Tensile test and impact toughness experiments were done to determine the required properties of the steel. Polynomial regression analysis was used to fit the properties relationship with soaking time and temperatures and the classical optimization technique was used to determine the minimum soaking time and temperature required for improved properties of the steel. Annealing treatment at 588℃ for 11 minutes at grain size of 44.7 mm can be considered to be the optimum annealing treatment for the 40% cold drawn 0.12 wt% C steel and 539℃ for 17 minutes at grain size of 19.5 mm for the 55% cold drawn 0.12 wt% C steel.