Engine valve development trends are to first, reduce the costly metal content and secondly, increase strength or reduce weight. These developments can be used to reduce valve cost or fuel consumption or increase power. The authors developed a new strain age hardening type alloy, NCF2415C, which has both good cold forgeability and heat resistance. Its chemical composition is Fe-24Ni-15Cr-2.2Ti-1.5Al-0.5Nb-0.02C-.006B-2Cu. This new alloy and the establishment f cold forging technology made it possible to develop cold forged exhaust valves having durability equal or better than the conventional hot forged exhaust valves.