A ferritic alloy, comprising a ferritic matrix and particles in an amount of from 1 to 40 vol% based on the total volume of the alloy, wherein the ferritic matrix comprises from 2 to 12 wt% Al, optionally from 0.3 to 25 wt% Cr, optionally from 0.3 to 15 wt% Ni, optionally from 0.3 to 15 wt% Mn, optionally from 0.05 to 3 wt% Mo, optionally from 0.05 to 6 wt% W, optionally from 0.01 to 3 wt% V, optionally from 0.01 to 1 wt% B, optionally from 0 to 1 wt% N, optionally from 0 to 10 wt% Si, optionally from 0 to 1 wt% P, optionally from 0 to 1 wt% Ti, optionally from 0 to 15 wt% Co, optionally from 0 to 3 wt% Cu, optionally from 0 to 1 wt% Y, optionally from 0 to 3 wt% Zr, optionally from 0 to 3 wt% Nb, optionally from 0 to 1 wt% Hf, optionally from 0 to 2 wt% Ta, optionally from 0 to 2 wt% Re, optionally from 0 to 3 wt% rare earth elements, the balance being Fe and inevitable impurities, wherein the particles comprise (i) and/or (ii), as defined in the following: (i) oxide particles comprising Al-Fe based oxide precipitates, wherein the Al-Fe based oxide precipitates comprise at least one of FeAl 2 O 4, complex oxides of Al and Fe, and Al-Fe-X based oxide precipitates, wherein X represents at least one additional alloying element selected from the group consisting of Y, Ti, Cr and Si; (ii) Al 2 O 3 particles having an average particle diameter of from 500 nm to 2 μm, as determined by visual microscopic observation by using an electron microscope. a ferritic matrix and particles in an amount of from 1 to 40 vol% based on the total volume of the alloy, wherein the ferritic matrix comprises from 2 to 12 wt% Al, optionally from 0.3 to 25 wt% Cr, optionally from 0.3 to 15 wt% Ni, optionally from 0.3 to 15 wt% Mn, optionally from 0.05 to 3 wt% Mo, optionally from 0.05 to 6 wt% W, optionally from 0.01 to 3 wt% V, optionally from 0.01 to 1 wt% B, optionally from 0 to 1 wt% N, optionally from 0 to 10 wt% Si, optionally from 0 to 1 wt% P, optionally from 0 to 1 wt% Ti, optionally from 0 to 15 wt% Co, optionally from 0 to 3 wt% Cu, optionally from 0 to 1 wt% Y, optionally from 0 to 3 wt% Zr, optionally from 0 to 3 wt% Nb, optionally from 0 to 1 wt% Hf, optionally from 0 to 2 wt% Ta, optionally from 0 to 2 wt% Re, optionally from 0 to 3 wt% rare earth elements, the balance being Fe and inevitable impurities, from 2 to 12 wt% Al, optionally from 0.3 to 25 wt% Cr, optionally from 0.3 to 15 wt% Ni, optionally from 0.3 to 15 wt% Mn, optionally from 0.05 to 3 wt% Mo, optionally from 0.05 to 6 wt% W, optionally from 0.01 to 3 wt% V, optionally from 0.01 to 1 wt% B, optionally from 0 to 1 wt% N, optionally from 0 to 10 wt% Si, optionally from 0 to 1 wt% P, optionally from 0 to 1 wt% Ti, optionally from 0 to 15 wt% Co, optionally from 0 to 3 wt% Cu, optionally from 0 to 1 wt% Y, optionally from 0 to 3 wt% Zr, optionally from 0 to 3 wt% Nb, optionally from 0 to 1 wt% Hf, optionally from 0 to 2 wt% Ta, optionally from 0 to 2 wt% Re, optionally from 0 to 3 wt% rare earth elements, the balance being Fe and inevitable impurities, wherein the particles comprise (i) and/or (ii), as defined in the following: (i) oxide particles comprising Al-Fe based oxide precipitates, wherein the Al-Fe based oxide precipitates comprise at least one of FeAl 2 O 4, complex oxides of Al and Fe, and Al-Fe-X based oxide precipitates, wherein X represents at least one additional alloying element selected from the group consisting of Y, Ti, Cr and Si; (ii) Al 2 O 3 particles having an average particle diameter of from 500 nm to 2 μm, as determined by visual microscopic observation by using an electron microscope. (i) oxide particles comprising Al-Fe based oxide precipitates, wherein the Al-Fe based oxide precipitates comprise at least one of FeAl 2 O 4, complex oxides of Al and Fe, and Al-Fe-X based oxide precipitates, wherein X represents at least one additional alloying element selected from the group consisting of Y, Ti, Cr and Si; (ii) Al 2 O 3 particles having an average particle diameter of from 500 nm to 2 μm, as determined by visual microscopic observation by using an electron microscope.