Oxidation resistant components with improved high temperature strength and related methods

A method for creating an oxidation resistant component with high temperature strength, the method comprising:

• adding at least two strengthening additives to a base metal during melting to form a modified base metal, the base metal being substantially free from both nickel and cobalt and comprising from about 1% to about 27% chromium by weight;
• forming a component from the modified base metal;
• applying a slurry coating to a surface of the component, said slurry coating comprising a metallic aluminum alloy, a halogen activator, and a binder;
• and
• heating the component to diffuse aluminum from the slurry coating into the component to form an aluminum diffusion surface layer within the component.