Stellite 12 alloy-powder was overlaid on 410 stainless steel valve seat using plasma transferred arc(PTA) process. Variation of characteristic of microstructure and hardness of deposit with current(90~150 A) and preheat temperature(R.T.~$400^{circ}C$) was investigated. Important conclusion obtained are as follows; All welding conditions used produced a sound deposit layer with no defect in single pass welding. The maximum deposit had 4.0~4.8 mm in thickness and its bead width was increased with increase of current and preheat temperature. The deposit showed hypoeutectic microstruture, which was consisting of primary cobalt dendrite and networked $M_7C_3$ type eutectic carbides. The amount of eutectic carbides was decreased and its dendritic secondary arm spacing was increased with increase of current. Hardness of the deposit was decreased with increase of current. Preheat temperature up to $400^{circ}C$, however, showed little influence on the hardness and microstructure. The hardness was also influenced by diluted Fe content near the interface in addition to microstructure and dendritic secondary arm spacing. Hot hardness at $500^{circ}C$ showed higher than 300 HV.