A composite strip of compacted powders, which has a three layers structure,
is continuously obtained by means of a rolling machine for powder
compacting. The composite strip is sintered at a temperature of
460.degree. C. to 550.degree. C. to form a sintered composite strip. The
sintered composite strip is continuously bonded by rolling to a steel
strip. The bonded composite strip is optionally subjected to a heat
treatment of heating at a temperature of 250.degree. C. to 400.degree. C.
followed by heating to a temperature of 400.degree. C. to 510.degree. C.,
holding the strip under the temperature for not less than 30 seconds, and
rapidly cooling down to 300.degree. C. at a cooling rate of not lower than
50.degree. C./minute, whereby obtaining a multi-layered composite material
consisting of the steel strip, a sintered bonding layer, a sintered
sliding layer and a sintered sacrificial layer. At least one selected from
a low-melting-point element group of Sn, In and Pb is added to raw powders
to be formed to surface layers of the sintered composite strip, which are
the sintered bonding layer and the sintered sacrificial layer, in an
amount of 0.4 to 5 mass % and 0.4 to 25 mass %, respectively.
