The composite steel of iron-aluminum alloy and high carbon steel was fabricated by clad rolling, which process conditions were determined by the flow stress ratio between the constituents. Flow stress ratio of iron-aluminum alloy to carbon steel exhibits near unity at temperatures ranging from 873K to 1273K. Composite steel consisting of alloy/steel/alloy is successfully fabricated with about 70 % reduction in thickness, which demonstrates distinctive bending deformability. Clad plate is further rolled at room temperature to 150 μm in thickness with 98.3 % in reduction, and it is capable of winding without damage. The composite has shown significantly better high temperature oxidation resistance and corrosion resistance in a sulfuric acid than carbon steel. The dependency of corrosion resistance upon aluminum content of iron-aluminum alloy in an oxidation atmosphere is positive, whereas that in a sulfuric acid is negative. These results provide a strategy for the fabrication of functional composite steel.