PURPOSE: To obtain a valve material ranked between SUH35 and an Ni alloy by adding restricted amounts of Al, Ti, Nb and Zr to a steel contg. specified amounts of C, Si, Mn, Ni, Cr and N.

CONSTITUTION: This alloy consists of 0.001W0.1% C, ≤0.5% Si, ≤5% Mn, 35W 45% Ni, 22W27% Cr, 0.3W1.5% Al, 2.0W3.5% Ti (Al+Ti≤4.0%), 0.3W1.0% Nb, ≤0.15% Zr, ≤0.035% N and the balance Fe. This alloy can be used in place of a super heat-resistant Ni alloywhich is 2 ranks higher than this alloy in performance and cost under more servere service conditions including the working temp. and load of a valve. By said composition this alloy satisfies characteristics in manufacture and use required by a material for an exhaust valve, and the cost can be reduced considerably.