A cored wire for hybrid laser cladding includes a hollow metal sheath and a core powder composition. The core powder can include, by weight percent: carbon from about 0.8% to about 1.2%, manganese from about 1% to about 1.4%, silicon from about 0.8% to about 1%, chromium from about 22% to about 30%, titanium from about 0.5% to about 2%, vanadium from about 0.5% to about 2%, boron from about 0.8% to about 1.2%, phosphorus from 0% to about 0.04%, and sulfur from 0% to about 0.03%, the balance of the core powder composition being substantially iron. Components and methods using the cored wire are also disclosed.