The paper presents the microstructure and mechanical properties of an oxide dispersion strengthened (ODS), reduced activation, ferritic steel, namely the Fe-14Cr-2W-0.3Ti-0.3Y(2)O(3) alloy, which was fabricated by hot isostatic pressing followed by high speed hydrostatic extrusion (HSHE) and heat treatment HT at 1050 degrees C. Transmission electron microscopy (TEM) observations revealed significant differences in the grain size and dislocation density between the as-HIPped and as-HSHE materials. It was also found that the microstructure of the steel is stable after HT. The HSHE process improves significantly the tensile and Charpy impact properties of the as- HIPped steel. The ultimate tensile strength at room temperature increases from 950 up to 1350 MPa, while the upper shelf energy increases from 3.0 up to 6.0J. However, the ductile-to-brittle transition temperature (DBTT) remains relatively high (about 75 degrees C). These results indicate that HSHE is a promising method for achieving grain refinement and thus improving the mechanical properties of ODS ferritic steels. (C) 2010 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim