Abstract: This piston ring has a composite plated layer at least on its outwardly facing sliding surface. The composite plated layer includes a quantity of hard particles of a granular dispersion material dispersed in a matrix of matrix metal consisting essentially of nickel-cobalt-phosphorous alloy containing about 10% to about 40% by weight of cobalt, about 2% to about 15% by weight of phosphorous, and remainder substantially nickel. It may also further include a quantity of lubricating particles having average particle diameter of from about 0.5 microns to about 20 microns and having a content of from about 5% to about 3% by volume. Yet further, the composite plated layer may include a quantity of short fibrous dispersion material dispersed in the matrix of matrix metal. Thereby, the wear on the piston ring, and also the wear on the cylinder bore in which it slides, are reduced.