Low-cost, high-strength titanium alloy plates were prepared using a prealloyed titanium powder (Ti-6Al-4V) as a starting material. Ti-6Al-4V was prepared via a hydrogenation/dehydrogenation process from Ti-6Al-4V alloy machine turnings. Prealloyed Ti-6Al-4V and iron (3 %–3.5 %) powders were mixed and subsequently consolidated by a vacuum hot pressing (VHP) process. Densification of the prealloyed powder to the theoretical density level was confirmed by VHP process. The combination of VHP, hot rolling, and mill annealing processes led to the production of titanium alloy plates with a 1200 MPa tensile strength and a 5 % elongation. Remarkably, the Ti-6Al-4V alloy exhibited enhanced tensile strength and lower elongation values upon iron addition.