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Epitaxially grown Fe/Cr(100) multilayers on atomically flat SrTiO 3 (100) substrates were prepared and their giant magnetoresistance (GMR) properties were studied. The samples on atomically flat substrates show a larger GMR ratio than those on ordinary substrates. The samples prepared on the SrTiO 3 substrates with stepped surfaces have a lateral modulation with a periodicity which is consistent with the terrace width of the substrates and show that the GMR effect depends on the current direction in the film plane