The effect of copper, phosphorus, and chromium present in a semikilled reinforcing bar steel produced by in-line quenching [thermomechanical treatment (TMT)] process on the tensile properties, microstructure, and corrosion resistance of steel in simulated chloride environment has been investigated. The results have been compared with that of a semikilled C-Mn reinforcing bar steel without these alloying elements produced by the same process route. Though the amount of phosphorus (0.11 wt.%) was higher than that specified by ASTM A 706 standard, the Cu-P-Cr steel exhibited a composite microstructure, and good balance of yield stress, tensile stress, elongation, and ultimate tensile to yield stress ratio. Two conventional test methods, namely, the salt fog, and potentiodynamic polarization tests, were used for the corrosion test. The rust formed on Cu-P-Cr steel was adherent, and was of multiple colors, while the corrosion products formed on the C-Mn steel were weakly adherent and relatively darker blue. Also, the free corrosion potential of the Cu-P-Cr steel was nobler, and the corrosion current was markedly lower than that of a C-Mn rebar. The Cu-P-Cr steel did not develop any pits/deep grooves on its surface even after the prolonged exposure to salt fog. The improved corrosion resistance of the Cu-P-Cr steel has been attributed to the presence of copper, phosphorus, and small amount of chromium in the dense, adherent rust layer on the surface of reinforcing steel bar. A schematic mechanism of charge transfer has been proposed to explain the improved corrosion resistance of the Cu-P-Cr alloyed TMT rebar.