Combined Effect of Co and W on Deformation Resistance of 12Cr Heat-Resistant Steel for USC Steam Turbines

12Cr heat-resistant steels with different concentrations of Co and W, with Mo equivalent (Mo + 1/2W) fixed at 1.6 wt.%, were prepared by arc-melting and hot rolling processes. Mechanical properties were evaluated by tensile tests conducted at a low strain rate 2 × 10⁻⁵ s⁻¹ at 575, 600, and 625 °C. Microstructure of the steels was investigated via optical microscopy (OM) and electron transmission microscopy (TEM). The results show that when the content of W is fixed, the steel with 3.1 wt.% Co and the steel with 3.8 wt.% Co are found to obtain the best deformation resistance values at 575, 600, and at 625 °C; when the Co content is fixed, the steel with 1.5 wt.% W shows better performance. The highest ultimate tensile strength (UTS) and yield stress (YS) were achieved for the steel when its W content is at 1.5 wt.% and Co content is at 3.1 wt.% or 3.8 wt.%. Deformation resistance is related to the initial dislocation density in the steels, which increases with increasing Co content and decreases with increasing W content. It is verified that the deformation mechanism of the tested steels during high-temperature tensile tests at a low strain rate is that of the recovery-controlled dislocation creep. Furthermore, the thermodynamic calculation result is in agreement with the experimental result, demonstrating that 0.85Mo-1.5W-3.8Co steel has the best deformation resistance at 625 °C. Therefore, 0.85Mo-1.5W-3.1Co steel is recommended as a potential candidate material for 600 °C class steam turbines, and 0.85Mo-1.5W-3.8Co steel is also a potential material for 625 °C class Ultra supercritical (USC) steam turbines.