Disclosed is a sintered iron alloy composition and method of manufacturing the same, the sintered alloy composition comprising: about 1.5 to about 2.5 % carbon by weight; about 0.5 to about 0.9 % manganese by weight; about 0.1 to about 0.2 % sulfur by weight; about 1.9 to about 2.5 % chromium by weight; about 0.15 to about 0.3 % molybdenum by weight; about 2 to about 6 % copper by weight; not more than about 0.3 % by weight of a metal element material comprising at least one selected from the group consisting of tungsten and vanadium; an effective content of a first solid lubricant material, the solid lubricant material comprising at least one selected from the group consisting of magnesium metasilicate minerals and magnesium orthosilicate minerals; and balance iron. This alloy composition is preferably used for making machine parts such as slide members of valve operating systems for internal combustion engines.
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