Abstract: The present invention relates to a dispersion strengthened alumina forming nickel-based alloy comprising in percent by weight (wt %) C 0.08 to 0.28; Si 0 to 1.50; Mn 0 to 0.50; Cr 15.0 to 20.0; Al 4.0 to 5.0; Fe 15.0 to 25.0; N 0.030 to 0.075; O 0 to 0.1; B 0 to 0.02; Y 0.01 to 0.1; at least one of Ta, Zr, Hf, Ti and Nb 1.0 to 2.7; balance Ni and normally occurring impurities; and wherein said alloy fulfils the requirements of: (C+N)/(Ta+Zr+Hf+Nb+Ti)?1.4 (values in at %) [1]; Zr+Hf?N?0.05 (values in at %) [2]. The present alloy will have excellent hot ductility.