Heat-resistant ferritic steels containing Laves phase precipitates were designed supported by thermodynamic modeling. High-temperature compression tests at 1173.15 K (900°C) and a detailed characterization of the microstructural evolution during annealing at 1173.15 K (900°C) were carried out to investigate the effect of Laves phase formation on the high-temperature strength. Due to the addition of W/Mo and/or Nb, the high-temperature strength of the newly designed alloys is significantly higher than that of the reference steels. However, the high-temperature strength of all investigated steels decreases slightly as the annealing time is increased up to 1440 hours. To determine the influence of Laves phase formation and coarsening on the high-temperature strength during long-term annealing, the precipitates were extracted from the ferritic matrix in different annealing states. The phases in the powder residue were determined by XRD, and the chemical composition of the Laves phase in dependence of the annealing time was analyzed by EDS measurements.