The steam oxidation behaviour at 800°C of aluminized HCM12A ferritic-martensitic steel has been studied. The aluminization process used was CVD in fluidized bed reactor (CVD-FBR), using a reactive bed modified with Ce or La particles. The obtained coatings were mainly composed of (Fe,Cr)2Al5 intermetallic phase. Long term oxidation (1000h) behaviour of the coated HCM12A was studied in 100%H2O atmosphere. By the application of the protective coating, the ferritic-martensitic steel oxidation rate is reduced considerably because of the alternately formation of Al2O3 and Cr2O3 + (Fe,Mn)3O4 protective scales on the substrate surface due to the diffusion processes that take place during the exposure at high temperatures in combination with the aggressive environment.