An austenitic stainless steel displaying high temperature oxidation and creep resistance has a composition that includes in weight percent 15 to 21 Ni, 10 to 15 Cr, 2 to 3.5 Al, 0.1 to 1 Nb, and 0.05 to 0.15 C, and that is free of or has very low levels of N, Ti and V. The alloy forms an external continuous alumina protective scale to provide a high oxidation resistance at temperatures of 700 to 800.degree. C. and forms NbC nanocarbides and a stable essentially single phase fcc austenitic matrix microstructure to give high strength and high creep resistance at these temperatures.