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Additive manufacturing (AM) techniques such as laser powder bed fusion (L-PBF) are rapidly growing due to the inherent design freedom and possibilities to produce components not available with other techniques. This could be utilized in, e.g., the design of new types of heat exchangers in ferritic stainless steels often used for high-temperature applications. Ferritic stainless steels are, however, difficult to weld and could therefore imply obstacles when produced by AM. When establishing the AM-produced alloy in new applications, it is therefore important to increase the understanding of the mechanical properties and high-temperature creep resistance in relation to the unique microstructure and printability. In this study, we have investigated the microstructure of Cr-rich SS446 ferritic stainless steel produced by L-PBF by microscopical and crystallographic techniques. The properties were compared to the conventionally produced tubes. The rapid cooling and reheating during the application of the subsequent powder layers during L-PBF introduces an intriguing microstructure consisting of a ferritic matrix with precipitation of austenite showing a Kurdjumov–Sachs orientation relationship. Characteristic dislocation networks were observed in the L-PBF samples and contributed to the good mechanical properties in the as-built state (more than twice the yield strength of the conventionally produced tube). Furthermore, the creep resistance at 800 °C was superior to the conventionally produced component, suggesting that L-PBF-produced SS446 possesses many advantages regarding production as compared to the conventional route.