Woodworker's Journal Magazine Click Here to Subscribe Sign Up to Get Free Plans Visit Our Online Store The Rapidly Rising Cost of Steel July 3rd , 2012 by Ernie Conover 4 Comments I remember the halcyon days when M2 high speed steel HSS turning tools hit the market . No longer did we have to worry about burning at the grinder , and HSS tools held an edge forever compared to plain carbon steel , . anyway The last decade has seen a proliferation of turning tools made from exotic powdered steels . Powdered refers to the manufacturing process where iron , with the necessary alloying elements , is mechanically mixed in powder form , then sprayed into a furnace where the powders become plastic but do not melt . The resulting blob is cold worked to form bars for machining . Powdered metal