An iron-based high-temperature alloy is disclosed which contains the following chemical composition: 20% by weight Cr; 5 to 6% by weight Al; 4% by weight Ta; 4% by weight Mo; 3 to 4% by weight Re; 0.2% by weight Zr; 0.05% by weight B; 0.1% by weight Y; 0.1% by weight Hf; 0 to 0.05% by weight C; and remainder Fe and unavoidable impurities. The alloy can be produced at low cost and can possess outstanding oxidation resistance and good mechanical properties at temperatures up to 1200° C.
