The invention relates to an alloy produced by powder metallurgy and having a non-amorphous matrix, the alloy consists of in weight % (wt. %): C 0-2.5 Si 0-2.5 Mn 0-15 Cr 0-25 Mo 4-35 B 0.2-2.8 optional elements, balance Fe and/or Ni apart from impurities, wherein the alloy comprises 3-35 volume % hard phase particles, the hard phase particles comprises at least one of borides, nitrides, carbides and/or combinations thereof, at least 90% of the hard phase particles have a size of less than 5 μm and at least 50% of the hard phase particles have a size in the range of 0.3-3 μm.