A soft magnetic article is disclosed which is formed of an alloy consisting essentially of, in weight percent, about -C 0.003-0.02 -Mn 0.10 max. -Si 0.10 max. -P 0.01 max. -S 0.003 max. -Cr 0.1 max. -Ni 0.2 max. -Mo 0.1 max. -Co 48-50 -V 1.8-2.2 -Nb 0.15-0.5 -N 0.004 max. -O 0.006 max. - with the balance essentially iron. The article is annealed at a temperature of not more than 740 DEG C. (1364 DEG F.) for not more than about 4 hours and provides a room temperature yield strength of at least about 620 MPa (90 ksi) in the annealed condition. Among the disclosed embodiments of the annealed article according to this invention are a rotor and a stator for a rotating electrical machine such as a motor, generator, alternator or a magnetic bearing.
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