A composite anti-friction bearing structure comprising a bearing substrate and an anti-friction layer. The bearing structure can be in the form of bushings, wear plates, wear rings, etc. The anti-friction layer includes particles of an alloy which combines lubricity of molybdenum with the wear resistance and corrosion resistance of elements such as cobalt and nickel. The invention is particularly related to anti-friction bushings for use in die sets, presses and other heavy duty machinery.