In theory, the difference between hot and cold rolled steel is hot is rolled to its final dimensions while it’s hot enough to scale (1700 degrees F+) while cold is rolled well below scaling temps
Cold rolled steel is usually the better stuff to have. But, hot is rolled while hot, so it has a chance to normalize after the last rollers, it pretty much is stress free. Cold rolled steel actually work-hardens in the rolling process. Meaning that it gets stronger towards the end after you work it for awhile and its ductility decreases.
