Dehydrogenatable organic compounds diluted with steam, are dehydrogenated in the absence of free oxygen at high conversion and selectivity to less saturated compounds with a catalyst composite consisting essentially of one or more metals selected from the group consisting of Ni, Pd, Pt, Ir and Os, tin and a metal selected from the group consisting of gold and silver deposited on a support such as alumina, silica or a Group II aluminate spinel.