(Bi,Sb)2Te3 + 4 mol%PbTe was quenched in water and on a rotating copper wheel (melt spinning). It was found that PbTe was immiscible in (Bi,Sb)2Te3 when the material is quenched in water and that the thermoelectric figure of merit increases by annealing. Natural nanostructures (nns) were found in melt-spun (Bi,Sb)2Te3, whereas they were hard to detect in (Bi,Sb)2Te3 alloyed with PbTe. There is a correlation between the orientation of the strain field and the nns. Within the grains of melt-spun (Bi,Sb)2Te3 alloyed with PbTe, the chemical composition was homogeneous. An enrichment of Pb was found at the grain boundaries. Quenched (Bi,Sb)2Te3 alloyed with 0.3 wt%PbTe have been spark plasma sintered (SPS). After optimization, the Seebeck coefficients of the melt-spun SPS (MS-SPS) materials were larger than for materials quenched in water and sintered (QW-SPS) materials. In addition, the mobility increases with the carrier concentration in MS-SPS materials, whereas it decreases in QW-SPS materials.