A powder metallurgy corrosion and wear resistant tool steel article, and alloy thereof. The article is manufactured by hot isostatic compaction of nitrogen atomized, prealloyed high-chromium, high-vanadium, high-niobium powder particles. The alloy is characterized by very high wear and corrosion resistance, making it particularly useful for use in the manufacture of components for advanced bearing designs as well as machinery parts exposed to severe abrasive wear and corrosion conditions, as encountered, for example, in the plastic injection molding industry and food industry.