A precipitation-hardened stainless maraging steel which exhibits a combination of strength, toughness, and corrosion resistance comprises by weight about: 8 to 15% chromium (Cr), 2 to 15% cobalt (Co), 7 to 14% nickel (Ni), and up to about 0.7% aluminum (Al), less than about 0.4% copper (Cu), 0.5 to 2.5% molybdenum (Mo), 0.4 to 0.75% titanium (Ti), up to about 0.5% tungsten (W), and up to about 120wppm carbon (C), the balance essentially iron (Fe) and incidental elements and impurities, characterized in that the alloy has a predominantly lath martensite microstructure essentially without topologically close packed intermetallic phases and strengthened primarily by a dispersion of intermetallic particles primarily of the eta-Ni3Ti phase and wherein the titanium and carbon (Ti) and (C) levels are controlled such that C can be dissolved during a homogenization step and subsequently precipitated during forging to provide a grain- pinning dispersion.