Method of making iron-copper alloy

Iron-copper alloys having finely and uniformly dispersed phase structure in which an iron-rich phase dispersed very finely and uniformly in a copper-rich matrix can now be produced on an industrial scale by the inventive method, in which a consumable electrode composed of an iron or copper pipe filled with a number of iron and copper wires and compacted by pressing, the carbon content of said electrode being limited to less than 0.02 percent by weight of said electrode, is progressively melted submerging the bottom end thereof into a molten slag containing at least one metal fluoride and being placed in a water-cooled metal mold by conducting electric current through said consumable electrode and said molten slag and the melt is cooled and solidified in said water-cooled metal mold.