Semi-finished or finished parts are made from a molybdenum alloy with intermetallic phases, preferably molybdenum-silicide, molybdenum-boron-silicide, optionally also molybdenum-boride phases. Starting from mechanically alloyed powder, hot compacted material exhibits superplastic forming behavior. It is thus possible to lower the forming temperature by at least 300° C., thus permitting processing on conventional plants.