To provide an inexpensive weather resmstant free-cutting steel used for the stock for the parts of various business equipments, OA equipments, electronic equipments or the like.

This steel has a compsn. contg., by weight, ≤0.030% C, ≤0.5% Si, ≤0.5% Mn, 0.04 to 0.10% P, >10 to 11.5% Cr, ≤0.60% Ni, ≤0.6% Cu, ≤1.00% Mo, ≤0.005% S, 0.05 to 0.30% Pb, ≤1.00% Al, and the balance Fe with inevitable impurities.