Bearing steel comprising cubic boron nitride (c-BN) and/or nickel coated cBN spark plasma sintered at a temperature in the range of 850-1050° C. is disclosed. The tribological and corrosion resistance of the bearing steel improved with increasing the amount of c-BN. Further improvement in the properties was achieved with the incorporation of nickel coated c-BN, which caused a phase transition of the bearing steel from magnetic to non-magnetic phase accompanied by interdiffusion enhancement between the matrix and c-BN reinforcement.