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We have succeeded the fabrication of Ni-free Co–29Cr–6Mo alloys with ultrafine-grained (UFG) microstructures via conventional hot forging process with the reduction up to 83.4% (true strain of 1.8). Grain refinement to submicron order is an effective method for improvement of strength and athermal martensite ɛ phase formed during quenching seems to determine the ductility of this alloy system.