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Disclosed herein is a composition comprising iron; about 18 to about 30 wt % chromium; up to about 7 wt % tungsten; up to about 1.5 wt % manganese; up to about 1 wt % aluminum; about 0.02 to about 0.1 wt % of a rare earth metal and/or yttrium; wherein the weight percents are based on the total weight of the composition. Disclosed herein too is a method comprising melting together a composition comprising iron; about 18 to about 30 wt % chromium; up to about 7 wt % tungsten; up to about 1.5 wt % manganese; up to about 1 wt % aluminum; about 0.02 to about 0.1 wt % of a rare earth metal and/or yttrium; wherein the weight percents are based on the total weight of the composition; casting the composition; and rolling the composition.