a novel iron based alloy is disclosed which is characterized by high resistance to wear and corrosion . the alloy consists essentially of 0 to 40 % chromium , 1 to 40 % molybdenum , 1 to 15 % copper , 0 . 2 to 5 % boron , and 0 . 01 to 2 % carbon ; the balance being incidental impurities and at least 30 % iron , with the molydenum being at least 10 % if the boron is greater than 2 %. the alloy is preferably in the form of a powder for thermal spraying , and coatings produced thereby may have an amorphous structure .