The invention provides an aluminum based alloy consisting essentially of the formula Al.sub.bal Fe.sub.a V.sub.b X.sub.c, wherein X is at least one element selected from the group consisting of Zn, Co, Ni, Cr, Mo, Zr, Ti, Hf, Y and Ce, "a" ranges from about 7-15 wt %, "b" ranges from about 2-10 wt %, "c" ranges from about 0-5 wt % and the balance is aluminum. The alloy has a distinctive microstructure which is at least about 50% composed of a generally spherical, intermetallic O-phase.Particles composed of the alloys of the invention can be heated in a vacuum and compacted to form a consolidated metal article have high strength and good ductility at both room temperature and at elevated temperatures of about 350.degree. C. The consolidated article is composed of an aluminum solid solution phase containing a substantially uniform distribution of dispersed intermetallic phase precipitates therein. These precipitates are fine intermetallics measuring from about 10 nm to about 100 nm in diameter with an average interparticle spacing ranging from 50-500 nm.