A piston ring is formed from a steel substrate consisting of the carbon in a range of 0.80-0.95 wt. %, silicon in a range of 0.30-0.55 wt. %, manganese in a range of 0.25-0.5 wt. %, phosphorus in a range of up to 0.04 wt. %, sulfur in a range of up to 0.04 wt. %, chromium in a range of 17-18 wt. %, molybdenum in a range of 0.70-1.25 wt. %, vanadium in a range of 0.05-0.15%, the remainder iron. The ring has been through hardened and tempered so that it has a hardness of 46-54 HRC. A coating is then applied via PVD or other suitable methods onto the ring surface to create the finished piston ring.