Dispersion strengthened aluminum base alloys are shaped into metal parts by high strain rate forging compacts or extruded billets composed thereof. The number of process steps required to produce the forged part are decreased and strength and toughness of the parts are increased. The dispersion strengthened alloy may have the formula Albal,Fea,SibXc, wherein X is at least one element selected from Mn, V, Cr, Mo, W, Nb, and Ta, “a” ranges from 2.0 to 7.5 weight-%, “b” ranges from 0.5 to 3.0 weight-%, “c” ranges from 0.05 to 3.5 weight-%, and the balance is aluminum plus incidental impurities. Alternatively, the dispersion strengthened alloy may be described by the formula Albal,Fea,SibVdXc, wherein X is at least one element selected from Mn, Mo, W, Cr, Ta, Zr, Ce, Er, Sc, Nd, Yb, and Y, “a” ranges from 2.0 to 7.5 weight-%, “b” ranges from 0.5 to 3.0 weight-%, “d” ranges from 0.05 to 3.5 weight-%, “c” ranges from 0.02 to 1.50 weight-%, and the balance is aluminum plus incidental impurities. In both cases, the ratio [Fe+X]:Si in the dispersion strengthened alloys is within the range of from about 2:1 to about 5:1.