The extensive industrial employment of titanium is hindered by its high production costs where reduction of these costs can be achieved using cheap alloying elements and appropriate alternative processing techniques. In this work the feasibility of the production of low-cost titanium alloys is addressed by adding steel to pure titanium and processing the alloys by powder metallurgy. In particular, a spherical 4140 LCH steel powder commonly used in metal injection moulding is blended with irregular hydride-dehydride Ti. The new low-cost alloys are cold uniaxially pressed and sintered under high vacuum and show comparable properties to other wrought-equivalent and powder metallurgy titanium alloys. Differential thermal analysis and X-ray diffraction analyses confirm that Ti can tolerate the employment of iron as primary alloying element without forming detrimental TiFe-based intermetallic phases. Thus, the newly designed α+β alloys could be used for cheaper non-critical components.