A method is disclosed for making gray iron having both increased wear resistance and impact toughness, comprising: (a) solidifying a hypoeutectic gray iron melt (i) to which has been added a eutectic carbide forming agent in an amount of 0.3-0.8% by weight, selected from the group consisting of Ti, V and Cr, and, advantageously, a high carbon austenite/ferrite forming agent in an amount of 0.5-3.0%, by weight, selected from the group consisting of nickel and copper, and at a solidification rate to form an austenite matrix with a mixture of flake graphite and eutectic carbide particles suspended in said matrix; and (b) heat treating the solid by (i) heating to a temperature and for a period of time to fully austenitize the solid, (ii) quenching the solid to a temperature level and for a period of time to decompose austenite to form a high carbon austenite and ferrite matrix, and (iii) air cooling the solid to room temperature. The hypoeutectic gray iron contains less than 4.35% carbon equivalent and preferably comprises, by weight, 2.5-2. 95% carbon, 2.0-2.5% silicon, 0.5-0.90% manganese, and the remainder iron.
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