The demand for aluminum alloys is increasing, as are the demands for higher strength, with the aim of using lighter products for a greener environment. To achieve high-strength, corrosion-resistant aluminum alloys, the melt is rapidly solidified using the melt-spinning technique to form ribbons, which are then plastically consolidated by extrusion at elevated temperature. Different chemical compositions, based on adding the transition-metal elements Mn and Fe, were employed to remain within the limits of the standard chemical composition of the AA5083 alloy. The samples were systematically studied using light microscopy, scanning electron, and transmission microscopy with electron diffraction spectrometry for the micro-chemical analyses. Tensile tests and Vickers microhardness were applied for mechanical analyses, and corrosion tests were performed in a comparison with the standard alloy. The tensile strength was improved by 65%, the yield strength by 45% and elongation by 14%. The mechanism by which we achieved the better mechanical and corrosion properties is explained.