Abstract: A stainless steel having a two-phase structure of austenite and ferrite, the steel consisting essentially of in weight-% not more than 0.03% C, not more than 0.03% N, the total amount of C+N not being more than 0.05%, 1.5-2.5% Si, 0.5-2% Mn, not more than 0.03% P, not more than 0.010% S, 22-26% Cr, 8-11% Ni, 2-3% Mo, 0.35-0.55% Ti, % Cr+3.3.times.% Mo being at least 29.0, balance iron and impurities, said steel having been subjected to a heat treatment consisting of solution annealing in the temperature range 1100.degree.-1250.degree. C. and water quenching followed by aging in a temperature range 500.degree.-600.degree. C. for at least 30 min, wherein precipitates consisting essentially of Ni.sub.16 Ti.sub.6 Si.sub.7, so called G-phase, are precipitated in the form of particles evenly distibuted in the ferrite, said particles typically having a size of 10-50 .ANG.