High entropy alloys (multiprinciple element alloys) were produced by dilution of the base component in a Fe–Mn–Al–C alloy. The studied Fe–Mn–Ni–Al–C and Fe–Mn–Ni–Co–Al–C alloys were treated thermally and mechanically. These alloys were studied by X-ray diffractometry and electron microscopy, while mechanical properties were tested by mechanical loading. A dual-phase cF4 and cP2 structure was formed. The alloys showed high-hardness values and high-strain hardening ability but when hot rolled exhibited precipitation of carbides. These alloys are considered to be model alloys for the development of future high-entropy alloys based on industrial steels.