A nickel-based alloy includes, in weight percent, carbon from about 0.7 to about 2%; manganese up to about 1.5%; silicon up to about 1.5%; chromium from about 25 to about 36%; molybdenum from about 5 to about 12%; tungsten from about 12 to about 20%; cobalt up to about 1.5%; iron from about 3.5 to about 10%; nickel from about 20 to about 55%; and incidental impurities. The alloy is suitable for use in elevated temperature applications such as in valve seta inserts for internal combustion engines.