Abstract: A martensitic alloy in which the ASTM grain size number is at least 5, including (wt. %) up to about 0.5% C, at least about 5% Cr, at least about 0.5% Ni, up to about 15% Co, up to about 8% Cu, up to about 8% Mn, up to about 4% Si, up to about 6% (Mo+W), up to about 1.5% Ti, up to about 3% V, up to about 0.5% Al, and at least about 40% Fe.