Abstract: A process for producing alloy steel powder, particularly, low-oxygen, low-carbon alloy steel powder is disclosed. The process comprises: preparing molten steel which contains at least one easily oxidizable element selected from the group consisting of chromium, manganese, vanadium, niobium, boron and silicon; atomizing said molten steel by means of an atomizing agent containing a non-oxidizing medium to provide as-atomized alloy steel powder containing 0.2% by weight or less of oxygen and 0.1% by weight or more of carbon; decarburizing the resulting powder by maintaining it in an atmosphere containing at least H.sub.2 and H.sub.2 O gases under specified conditions; and cooling the thus decarburized alloy steel powder to room temperature in an inert or reducing atmosphere.

Abstract: An oil-atomized low-alloy steel powder having improved compressibility, compactibility and hardenability is disclosed. The steel powder has the chemical composition: C: no greater than 0.02%, Mn: 0.3-2.0%, oxygen: no greater than 0.10%, one or more of Cr: 0.1-2.0%, Mo: 0.05-1.0%, Ni: 0.1-2.0%, Cu: 0.2-2.0%, V: 0.03-0.5% and Nb: 0.05-0.5%, and the balance substantially iron.