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An iron alloy is provided which exhibits strength and toughness characteristics at cryogenic temperatures. The alloy consists essentially of about 10 to 16 percent by weight nickel, about 0.1 to 1.0 percent by weight aluminum, and 0 to about 3 percent by weight copper, with the balance being essentially iron. The iron alloy is produced by a process which includes cold rolling at room temperature and subsequent heat treatment.