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A cobalt multiphase alloy, MP35N, is studied as one of the reinforcement materials for pulsed magnets. The mechanical properties of this alloy at room temperature and 77 K are examined. The cold-rolled and aged MP35N produces a hardness of 5650 MPa and yield strength of 2125 MPa at room temperature. At 77 K, the yield strength reached 2500 MPa and the work hardening rate was higher than that at room temperature. The Young's modulus increases about 6% upon cooling from 300 to 5 K. Therefore, the increase of the strength at low temperatures is attributed mainly to the increase of the work hardening rate rather than modulus. The potential for further increasing the strength of this alloy is discussed.