Hipped and extruded materials were prepared from atomized-powders containing 5.25C, 1.5Cr and balance Fe. The materials consist of a matrix of 80 volume percent of iron carbide and 20 volume percent of a discontinous iron base phase. Both processed materials were reduced in thickness (6:1) at 720°C. The grain size was about 2 μm for the hipped-and-pressed material and about 4 μm for the extruded-and-pressed material. Compression tests were used to evaluate the strain-rate-sensitivity exponent, m, in the temperature range from 725°C to 950°C, over the strain rate range of 10−5 to 2 × 10−2 s−1. The as-hipped material does not exhibit superplastic behavior because the grain shape is not equiaxed. At low stresses, in the superplastic range (m≈0.5), the hipped-and-pressed material was weaker than the extruded-and-pressed material as a result of the fine grain size. At high stresses, when slip dominates the deformation process, m is about 0.2 and a reversal in the relative strength is obtained. Tensile tests were performed and elongations in excess of 600% were achieved. The hipped-and-pressed material was shown to be more ductile than the extruded-and pressed-material which is attributed to its fine grain size.