The complex nitride Z-phase, Cr(V,Nb)N, has recently been identified as a major cause for premature breakdown in creep strength of a number of new 9-12%Cr martensitic steels. A thermodynamic model of the Z-phase has been created based on the Thermo-Calc software. The model predicts the Z-phase to be stable in all of the new 9-12%Cr martensitic steels. This has generally been confirmed by the performed experiments. Z-phase precipitation seems to be a kinetic problem, and drivning force calculations using Thermo-Calc with the developed model have been used to predict steel compositions, which will delay Z-phase precipitation.