Abstract: A cermet alloy having a structure including a hard phase and a bonding phase which is composed of at least one ferrous metal, said bonding phase containing fine hard grains of a mean grain size not greater than 2000 .ANG. dispersed therein. The structure has a composition consisting of 10 to 70 wt % of TiCN, 5 to 30 wt % of WC, 5 to 30 wt % of NbC, 1 to 10 wt % of Mo.sub.2 C, 0.5 to 5 wt% of VC, 0.05 to 3 wt % of ZrC, 5 to 25 wt % of (Ni, Co), and not smaller than 2.5 wt% of total nitrogen and incidental impurities.

Abstract: This invention provides a cermet alloy improved in toughness high-temperature strength and chipping resistance. This cermet alloy consists essentially of 50-95% by weight of a hard phase of a composite carbo-nitride of at least both of W and Ti and, optionally, one or more elements selected from the group consisting of Groups 4a, 5a and 6a elements of the periodic table, the balance being a binding phase, of an Fe family element or elements and inevitable impurities, said composite carbo-nitride has a rim-and-core structure which comprises a core portion of a composite carbo-nitride poor in Ti and nitrogen, surrounded thereon by a rim portion of a composite carbo-nitride rich in Ti and nitrogen. It is preferred that the hard phase consists of 50% by volume or less of TiN or TiCN particles having N.gtoreq.C and forming no rim-and-core structure and the composite carbo-nitride having the rim-and-core structure.