Ferrovanadium content in ferrovanadium ranges from 35% to 85%. FeV80 (80% Vanadium) is the most common ferrovanadium composition. In addition to iron and vanadium, small amounts of silicon, aluminum, carbon, sulfur, phosphorus, arsenic, copper, and manganese are found in ferrovanadium. Impurities can make up to 11% by weight of the alloy. Concentrations of these impurities determine the grade of ferrovanadium.

The most common use of ferrovanadium is in the production of steel. In 2017, 94% of domestic consumption of vanadium was to produce iron and steel alloys. Ferrovanadium and other vanadium alloys are used in carbon steel, alloy steel high strength steel, and HSLA (High Strength Low Alloy) steel. These steels are then used to make automotive parts, pipes, tools, and more.

The addition of ferrovanadium toughens the steel making it more resistant to temperature and torsion. This increase in strength is a result of the formation of vanadium carbides which have a rigid crystal structure as well as a finer grain size which decreases the ductility of the steel. In addition to adding to the composition of the steel, ferrovanadium can also be used as a coating on the steel. When coated with nitrated ferrovanadium, the abrasion resistance of steel increases 30-50%