An iron-based alloy includes, in weight percent, carbon from about 2 to about 3 percent; manganese from about 0.1 to about 0.4 percent; silicon from about 0.3 to about 0.8 percent; chromium from about 11.5 to about 14.5 percent; nickel from about 0.05 to about 0.6 percent; vanadium from about 0.8 to about 2.2 percent; molybdenum from about 4 to about 7 percent; tungsten from about 3 to about 5 percent; niobium from about 1 to about 3 percent; cobalt from about 3 to about 5 percent; boron from zero to about 0.2 percent; and the balance containing iron and incidental impurities. The alloy is suitable for use in elevated temperature applications such as in valve seat inserts for combustion engines.