new iron base alloys containing aluminum and boron are disclosed . the alloys are subjected to a rapid solidification processing technique which produces cooling rates between ˜ 10 5 to 10 7 ° c ./ sec . the as - quenched ribbon or powder , etc consists primarily of a metastable crystalline solid solution phase . the metastable crystalline phases are subjected to suitable heat treatments so as to produce a transformation to a stable multiphase microstructure which includes borides . the heat treated alloy exhibits superior mechanical properties with good corrosion and oxidation resistance .