A steel powder composition useful in the production, by powder-metallurgical methods, of sintered parts with high density, good dimensional accuracy, hardenability, and strength is prepared from an admixture of two pre-alloyed iron powders of different compositions, the first being a pre-alloy of iron and molybdenum, and the second being a pre-alloy of iron with carbon and at least one transition element including chromium, manganese, vanadium, or columbium.