A new atomization process for making metal powders is presented, in which molten metal is ejected into water layer formed on a rotating drum inner surface by the centrifugal force and atomized by the rotating water. Atomization trials were made using Fe4NkoB20 alloy. A mean particle size of the powder obtained decreased with increasing rotational speed of the drum and with decreasing nozzle diameter. The quench rate for particles less than about 100um in diameter was estimated to range from 105 to 106 K/s, and spherical amorphous powder was obtained. This process may be useful for producing rapidly quenched metallic powders because of its high quench rate, uniform size and spherical shape of powders produced, high powder yield and no scattering of particles.