Based on a composition of 99.4 wt% AISI 316L stainless steel, 0.3wt% Ti and 0.3 wt% $Y_2O_3$, an austenitic ODS steel was fabricated by a process of mechanical alloying, hot isostatic pressing and rolling. Fine oxide particles were observed in the matrix, and their chemical formulations were determined to be $Y_2Si_2O_7$ and TiO. Heat treatment of the cold-rolled sample at $1200^{circ}C$ induced an isotropic tensile behavior at room temperature and at $700^{circ}C$. This result would be mainly attributed to the equiaxed grains that form as a result of the heat treatment for recrystallization.