A steel strand (10) comprises a steel core wire (12). This steel core wire (12) is surrounded by steel layer wires (14) that are twisted around the steel core wire (12). The steel core wire (12) is covered with a thick corrosion resistant core coating (16) provided by strip cladding or by metal extrusion. The steel layer wires (14) are covered with a thin corrosion resistant layer coating (18) provided by a hot dip operation or by an electroplating or chemical plating process. The steel strand (10) is compacted so that said steel layer wires (14) have a non-circular cross-section and that the thick corrosion resistant core coating fills the interstices between the steel core wire (12) and the steel layer wires (14) in order to give the steel strand (10) an improved corrosion resistance and increased lifetime.