Abstract: Composite materials and methods for making such materials are disclosed in which dispersed ceramic particles are at chemical equilibrium with a base metal matrix, thereby permitting such materials to be remelted and subsequently cast or otherwise processed to form net weight parts and other finished (or semi-finished) articles while maintaining the microstructure and mechanical properties (e.g. wear resistance or hardness) of the original composite. The composite materials of the present invention are composed of ceramic particles in a base metal matrix. The ceramics are preferably carbides of titanium, zirconium, tungsten, molybdenum or other refractory metals. The base metal can be iron, nickel, cobalt, chromium or other high temperature metal and alloys thereof. For ferrous matrices, alloys suitable for use as the base metal include cast iron, carbon steels, stainless steels and iron-based superalloys.