An alloy includes in weight % based upon the total weight of the alloy: 28-35% Cr; 2.5-4% Al; 0.8-2% Nb; 5.5-7.5% W; 0-0.5% Mo; 0-0.3% Ti; 0.1-0.3% Zr; 0.1-1% Si; 0-0.07% Y; 0-2% Mn; 0-1% Ni; 0-0.05% C; 0-0.015% B; 0-0.02% N; 0.02-0.04 Ce; balance Fe. The alloy includes a recrystallized, equi-axed grain structure, and forms an external alumina scale, and has strengthening particles including Fe2M (M: Nb, W, Mo, and Ti) type C14 Laves-phase, and a BCC ferritic matrix microstructure from room temperature to melting point with less than 1% FCC-phase, less than 1% martensite phase, less than 0.5 wt. % of carbides (MC and M23C6), and at least 1% tensile elongation at room temperature. The alloy provides a creep resistance of greater than 3000 to 15000 h creep rupture life at 750° C. and 50 MPa, or greater than 500 to 5000 h creep rupture life at 700° C. and 100 MPa.