Abstract: Disclosed are iron based, austenitic alloys of substantially reduced cobalt content compared to current cobalt based alloys, such as Stellite 1 and 6, which are substantially less expensive than current cobalt based alloys, which are machinable using standard machine processes and procedures, which can be deposited as a hard surface with a tight crack pattern or a smooth surface, which does not stress crack upon cooling, which provides substantially reduced radiation exposure by plant maintenance workers in nuclear power plants, and which has a superior hardness, lower friction coefficiency, metal to metal wear loss and erosion loss than cobalt based alloys, such as Stellite 1 and Stellite 6. The alloying content comprises from about 38.0 to 62.0 percent by weight, and has a cobalt content of from about 3.00 to 9.00 percent by weight.