An Fe--Ni--Cr alloy formulated to contain a strengthening phase that is able to maintain a fine grain structure during forging and high temperature processing of the alloy. The alloy contains a sufficient amount of titanium, zirconium, carbon and nitrogen so that fine titanium and zirconium carbonitride precipitates formed thereby are near their solubility limit in the alloy when molten. In the production of an article from such an alloy by thermomechanical processing, a dispersion of the fine titanium and zirconium carbonitride precipitates form during solidification of the melt and remain present during subsequent elevated processing steps to prohibit austenitic grain growth.