A piston ring formed of cast iron provides improved machinability and exceptional performance and minimum costs. The cast iron includes 2.2 to 2.9 wt. % carbon, 3.2 to 4.2 wt. % silicon, 0.75 to 1.25 wt. % copper, 1.0 to 1.5 wt. % manganese, 0.09 to 0.15 wt. % sulfur, not greater than 0.2 wt. % phosphorous, and an average carbon equivalent of 3.8. The cast iron preferably includes a matrix of martensite with MnS and carbides dispersed therein. The matrix is also preferably free of ferrite, austenite, and steadite. The cast iron is formed by casting, austenitizing, quenching, and tempering the alloy.