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An age hardenable, martensitic steel alloy that provides high strength, high toughness, and good low cycle fatigue life and a method of making same are disclosed. The alloy comprises a matrix having a weight percent composition consisting essentially of about
Carbon
0.2-0.36
Manganese
0.20 max.
Silicon
0.10 max.
Phosphorus
0.01 max.
Sulfur
0.004 max.
Chromium
1.3-4
Nickel
10-15
Molybdenum
0.75-2.7
Cobalt
8-22
Aluminum
0.01 max.
Titanium
0.02 max.
Calcium
0.001 max.
and the balance being iron and usual impurities. The alloy further contains a plurality of inclusions dispersed in the alloy matrix. The inclusions comprise calcium compounds that are about 0.4 μm to about 7.0 μm in major dimension, they have a median size of at least about 1.6 μm in major dimension, and the inclusions contain essentially no rare earth elements.