Different ODS EUROFER steels reinforced with Y2O3 and MgAl2O4 were elaborated by mechanical milling and hot isostatic pressing. Good compromise between strength and ductility could be obtained but the impact properties remain low (especially for the Y 2O3 ODS steel). The materials were structurally characterized at each step of the elaboration. During milling, the martensite laths of the steel are transformed into nano-metric ferritic grains and the Y2O3 oxides dissolve (but not the MgAl2O 4 spinels). After the HIP, all the ODS steels remain ferritic with micrometric grains, surrounded by nano-metric grains for the Y2O 3 ODS steels. The mechanisms in the Y2O3 ODS steels are complex: the Y2O3 oxides re-precipitate as nano-Y2O3 particles that impede a complete austenitization during the HIP. The quenchability of the ODS steels is modified by the milling process, the oxide nature and the oxide content. Eventually, the advantages and drawbacks of each oxide type are discussed. © 2004 Elsevier B.V. All rights reserved.