An embodiment of the invention relates to a cobalt-based alloy, which due to the composition exhibits twinning as the dominating deformation mechanism:Cr: 13.0 to 30.0% by weightMn: 2.0 to 10.0% by weightW: 2.0 to 18.0% by weightFe: 5.0 to 15.0% by weightC: 0.002 to 0.5% by weightN: 0 to 0.2% by weightSi: 0 to 2.0% by weightNi: 0 to 5.0% by weightwherein the aforementioned alloying components and manufacturing-related impurities add up to 100% by weight, and the following restrictions according to formulas (1) and (2) apply to the contents of nitrogen and carbon, and the following restrictions according to formula (3) apply to the contents of oxygen, phosphorus and sulfur:0.003%≦C+N≦0.5% weight (1)N/C(wt. %)≦1.00 for 0.07%
