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We report a new (Fe-P)-Si based alloy with relatively high induction (1.8-1.9 T), low coercivity (< 80 A/m), high resistivity (∼38 μΩ cm) and low core loss (217 W/kg @ 1 T/1 kHz) comparable to the commercially available M530-50 A5 Si-steel. The attractive magnetic and electrical properties are attributed to i) the two phase microstructure of fine nano precipitates of Fe3P dispersed in α-Fe matrix achieved by a two-step heat-treatment process and ii) Si addition enhancing the resistivity of the α-Fe matrix phase. As the alloy processing is by conventional wrought metallurgy method, it has the potential for large scale production.