An argon gas atomized, pre-alloyed Fe-14Cr-2W-0.3Ti (wt.%) reduced activation ferritic (RAF) steel powder was mechanically alloyed with 0.3wt.% Y2O3 nano-particles in an attritor ball mill and consolidated by hot isostatic pressing at 1150 °C under a pressure of 200 MPa for 3 h. In the aim to improve its mechanical properties the ODS steel was then submitted to a thermo-mechanical treatment (TMT): hot rolling (HR) at 850 °C or high speed hydrostatic extrusion (HSHE) at 900 °C, followed by heat treatment (HT). Transmission electron microscopy (TEM) observations of the ODS alloys after TMT and heat treatment revealed the presence of elongated grains in the longitudinal direction, with an average width of 8 μm and an average length of 75 μm, and equiaxed grains, a few microns in diameter, in the transverse direction. Two populations of oxide particles were observed by TEM: large Ti-Al-O particles, up to 250 nm in diameter, usually located at the grain boundaries and small Y-Ti-O nanoclusters, about 2.5 nm in diameter, uniformly distributed in the matrix. Charpy impact tests revealed that the HSHE material exhibits a larger upper shelf energy (5.8 J) than the HR material (2.9 J). The ductile-to-brittle transition temperature of both alloys is relatively high, in the range of 55-72 °C. Tensile mechanical properties of both ODS alloys were found satisfactory over the full range of investigated temperatures (23-750 °C). The HSHE material exhibits better tensile strength and ductility than the HR material. These results indicate that HSHE can be considered as a promising TMT method for improving the mechanical properties of ODS RAF steels. © 2010 Elsevier B.V. All rights reserved.