The effect of equal-channel angular pressing (ECAP) and subsequent cold drawing (CD) on the microstructure and properties of the Al-0.5Fe-0.3Cu (wt. %) alloy produced by electromagnetic casting (EMC) is examined. The high rate of crystallization of the alloy ensured the formation of a solid solution of copper in the aluminum matrix, while iron was completely bound in intermetallic particles of the Al-Fe and Al-Fe-Cu types. A distinctive feature of ECAP processing followed by CD is the presence of signs of both ECAP and CD in the structure of the processed alloy. Moreover, the syncretic effect of two deformation methods, implementing different deformation schemes, led to the appearance of features that were absent in the alloy structures after ECAP or after CD. Presence of the unique ultra-fine grained (UFG) microstructure, formed as a result of the combined ECAP+CD treatment, led to an increase in the tensile strength of wires made of the Al-0.5Fe-0.3Cu alloy to 342 MPa while maintaining a relatively high electrical conductivity of 55.5 % IACS. Compared to the commercial scale alloys, the wire (with a UFG structure) from the Al-0.5Fe-0.3Cu alloy demonstrates either equal (6000 series alloys) or improved (8000 series alloys) mechanical strength and electrical conductivity. Introduction of copper into Al-0.5Fe alloy, obtained using the EMC method, allows to even further improve the strength-conductivity combination of this alloy.