This study is to: The 14th International Conference on Fusion Reactor Materials (ICFRM-14) was held at the Sapporo Convention Center in Sapporo, Japan from 7 to 12 September 2009Reduced activation ferritic Fe─14 wt%Cr and Fe─14 wt%Cr─0.3 wt%Y₂O₃ alloys were produced by mechanical alloying and hot isostatic pressing followed by forging and heat treating. The alloy containing Y₂O₃ developed a submicron-grained structure with homogeneous dispersion of oxide nanoparticles that enhanced the tensile properties in comparison to the Y₂O₃ free alloy. Strengthening induced by the Y₂O₃ dispersion appears to be effective up to 873 K, at least. A uniform distribution of Cr-rich precipitates, stable upon a heat treatment at 1123 K for 2 h, was also found...