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In this study, the magnetic properties and crystalline behavior of Fe84−xB10C6Cux (x = 0–1.3) alloys prepared by annealing the melt-spun ribbon have been investigated. A Cu element was added to this system with the aim of decreasing the coercivity because the addition of Cu clusters prior to the crystallization stimulates the nucleation of α-Fe primary crystals, which greatly influences the final microstructure. It is found that in the Fe84−xB10C6Cux alloy system, the coercivity decreases with increasing x and exhibits a minimum at around x = 1.0. When x = 1.0, the alloy exhibits excellent magnetic properties after the appropriate heat treatment with a high Bs of 1.78 T, low Hc of 5.1 A/m, and low core loss less than 4.3 W/kg at 1.0 T and 400 Hz that is about 55% of that of oriented Si-steel. These results indicate that the application of this alloy to power transformers will produce very large energy savings.