High-speed steel powder is a subset of tool steels, commonly employed as cutting tool material. It is often employed in power-saw blades and drill bits. It is superior to the older high-carbon steel tools utilized extensively in the past. In the earlier years, it can withstand higher temperatures without losing its hardness. This property permits HSS to cut faster than high carbon steel, hence the name high-speed steel.

The important utilization of high-speed steels continues to be in the fabrication of various cutting tools for instance drills, taps, milling, cutters, tool bits, saw blades, planer, gear cutters hobbing, and jointer blades, router bits, etc., although usage for punches and dies is increasing. High-speed steels also found an application in the market of fine hand tools where their relatively good toughness at high hardness, coupled with high abrasion resistance, made them suitable for low-speed applications requiring a durable keen (sharp) edge, for instance, files, chisels.

High-speed steel powder is utilized in hand plane blades, kitchen knives, and pocket knives. High-speed steel tools are employed in woodturning. It is also utilized in handheld tools, and HSS carries its edge far longer. High-speed steel with a sulfur addition or P/M product to enhanced machinability and surface finish is often used for hobs.

High-speed steels (HSS) form a special class of highly alloyed tool steels, combining properties for instance high hot hardness and high wear resistance. These properties are possible to be attained because of a special microstructure. They are useful practical alloys for cutting tools because of their wear resistance, toughness and resistance to tempering during machining is controlled by the types, amounts, and shapes of the various primary carbides.

High-speed tool steel is the most frequently applied material for broaches. This involves the large or circular broaches that are made in large quantities as well as the smaller keyway and shape broaches. Saws manufactured of high-speed tool steel are utilized to cut, slit, and slot everything from steel, aluminum, brass, pipe, and titanium to gold jewelry, fish, frozen foods, plastics, rubber, and paper.