Abstract: An iron-based, corrosion-resistant, precipitation strengthened, martensitic steel essentially free of delta ferrite for use at high temperatures has a nominal composition of 0.05-0.1 C, 8-12 Cr, 1-5 Co, 0.5-2.0 Ni, 0.41-1.0 Mo, 0.1-0.5 Ti, and the balance iron. This steel is different from other corrosion-resistant martensitic steels because its microstructure consists of a uniform dispersion of fine particles, which are very closely spaced, and which do not coarsen at high temperatures. Thus at high temperatures this steel combines the excellent creep strength of dispersion-strengthened steels, with the ease of fabricability afforded by precipitation hardenable steels.