Abstract: A method for producing a corrosion-resistant and an oxidation-resistant coating on a component in which a slurry is formed by mixing a binder solution with (1) a base powder selected from the group consisting of (a) MCrAlY wherein M is Ni or Co or both, (b) NiCrAl and (c) mixtures of (a) and (b) with (2) an added powder of Al, Pt, Pd, Si or mixtures thereof, each of the said powders having a grain size between 5 and 120 &mgr;m. The slurry is applied onto a component made of a superalloy based on nickel or cobalt. The slurry is hardened on the component to form a hardened slurry coating by heating the slurry to a temperature between room temperature and 450° C., and the hardened slurry coating is heated, to produce diffusion thereof into the component, at a temperature between 750° C. and 1250° C.