This study investigated the hot deformation behavior and dynamic recrystallization (DRX) characteristics of a coarse-grained Fe-24Mn steel slab using plane strain compression (PSC) tests. Tests were conducted at 900-1,000 °C and strain rates of 0.5-10 s-1. Constitutive equations based on the Zener-Hollomon parameter accurately predicted flow stress ( ). A processing map based on the Dynamic Materials Model (DMM) predicted flow instability at high strain rates (10 s-1) due to a negative strain rate sensitivity exponent. However, electron backscatter diffraction (EBSD) analysis revealed that these regions actually exhibited a fully recrystallized microstructure with low Kernel Average Misorientation (KAM) values, contradicting the DMM prediction. This discrepancy is attributed to adiabatic heating during high-speed deformation, which induces thermal softening and provides the driving force for DRX. Consequently, the region with negative power dissipation efficiency at high strain rates should be reinterpreted not as a failure zone, but as a window for efficient microstructural refinement. The study identifies 950 °C and 10 s-1 as the optimal processing conditions for grain refinement of the as-cast slab.