Melted Fe50Mn10Al40 alloy powder with particle size less than 40μm was characterized at room temperature by XRD, SEM and XPS; and at low temperatures by Mössbauer spectrometry, ac susceptibility, and magnetization analysis. The results show that the sample is BCC ferromagnetic but with a big contribution of paramagnetic sites, and presents super-paramagnetic and re-entrant spin-glass phases with critical temperatures of 265 and 35K, respectively. The presence of the different phases detected is due to the disordered character of the sample and the competitive magnetic interactions. The obtained values of the saturation magnetization and the coercive field as a function of temperature present a behavior which indicates a ferromagnetic phase. However, the behavior of the FC curve and that of the coercive field as a function of temperature suggest that the dipolar magnetic interaction between particles contributes to the internal magnetic field in the same way as was reported for nanoparticulate powders.