The Crofer 22 H ferritic steel substrate was coated with an Mn1.45Co1.45Cu0.1O4 spinel by means of electrophoresis. After high-temperature oxidation under thermal cycling conditions, the physicochemical properties of the obtained system were evaluated. During 48-h cycles that involved heating the samples up to temperatures of either 750 or 800 °C, the oxidation kinetics of both coated and unmodified steel approximately obeyed the parabolic rate law. The unmodified steel was oxidized at a higher rate than the system consisting of the substrate and the coating. In its bulk form, the spinel consisted entirely of the cubic phase and it exhibited high electrical conductivity. The Mn1.45Co1.45Cu0.1O4 coating, on the other hand, was compact and consisted of two phases—the cubic and the tetragonal one—and it was characterized by good adhesion to the metallic substrate. After cyclic oxidation studies conducted for the two investigated temperatures (750 or 800 °C), the coating was determined to provide a considerable improvement in the electrical properties of the Crofer 22 H ferritic steel, as demonstrated by the area-specific resistance values measured for the steel/coating system. The evaporation rate of chromium measured for these samples likewise indicates that the coating is capable of acting as an effective barrier against the formation of volatile compounds of chromium. The Mn1.45Co1.45Cu0.1O4 spinel can therefore be considered a suitable material for a coating on the Crofer 22 H ferritic steel, with intermediate-temperature solid oxide electrolyzer cells as the target application.