A ferritic stainless steel alloy is disclosed having a unique combination of machinability, cold-formability, weldability, and corrosion resistance. The disclosed alloy has the following weight percent composition. ______________________________________ wt. % ______________________________________ Carbon 0. 08 max. Manganese 1. 00 max. Silicon 1. 00 max. Phosphorus 0. 045 max. Sulfur 0. 030-0. 30 Chromium 10. 5-11. 75 Molybdenum 0. 50 max. Copper 0. 50 max. Nickel 0. 50 max. Aluminum 0. 10 max. Columbium 10. times. C to 0. 80 ______________________________________ The balance is essentially iron. The novel alloy is particularly suited for components used in automotive fuel and exhaust systems. A number of such components made from the aforesaid alloy are also disclosed.