An iron-based high-temperature alloy has the following chemical composition (values given being in % by weight): 20 Cr, 4 to 8 Al, at least one of the elements Ta and Mo with a sum of 4 to 8, 0-0.2 Zr, 0.02-0.05 B, 0.1-0.2 Y, 0-0.5 Si, remainder Fe. The alloy can be produced at low cost and is distinguished in comparison with the known prior art by outstanding oxidation resistance and good mechanical properties at high temperatures up to 1000° C.