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Oxide Dispersion-Strengthened (ODS) reduced-activation ferritic/martensitic steels are strong candidates for structural applications in the first wall and blanket of future fusion reactors. In the present work, a model ODS alloy based on a Fe-Cr matrix has been produced in order to gain insight into the processes which occur during processing and after high-energy ion irradiation. The model ODS alloy has been characterized by Energy Dispersive X-Ray and Electron Energy Loss Spectroscopy and Energy Filtered Transmission Electron Microscopy, focusing on the evolution of the nanoparticle dispersion and the chemical composition of individual nanoparticles. The chemical analyses reveal that there are three different kinds of nanoparticles in the alloys. Particle sizes, distributions and morphologies are not changed significantly by irradiation up to doses of ~ 7 dpa.