An alloy and method of forming the alloy are provided. The alloy includes a matrix phase, and a population of particulate phases dispersed within the matrix. The matrix includes iron and chromium; and the population includes a first subpopulation of particulate phases and a second subpopulation of particulate phases. The first subpopulation of particulate phases include a complex oxide, having a median size less than about 20 mu, and present in the alloy in a concentration from about 0. 1 volume percent to about 5 volume percent. The second subpopulation of particulate phases have a median size in a range from about 30 nm to about 10 microns, and present in the alloy in a concentration from about 1 volume percent to about 15 volume percent.