Disclosed herein are zirconium-based alloys and methods of fabricating nuclear reactor components, particularly fuel cladding tubes, from such alloys that exhibit improved corrosion resistance in aggressive coolant compositions. The fabrication steps include a late-stage β-treatment on the outer region of the tubes. The zirconium-based alloys will include between about 1.30 and 1.60 wt % tin; between about 0.06 and 0.15 wt % chromium; between about 0.16 and 0.24 wt % iron, and between 0.05 and 0.08 wt % nickel, with the total content of the iron, chromium and nickel comprising above about 0.31 wt % of the alloy and will be characterized by second phase precipitates having an average size typically less than about 40 nm. The final finished cladding will have a surface roughness of less than about 0.50 μm Ra and preferably less then about 0.10 μm Ra.