The term `high speed steel' was derived from the fact
that it is capable of cutting metal at a much higher
rate than carbon tool steel and continues to cut and
retain its hardness even when the point of the tool is
heated to a low red temperature. Tungsten is the
major alloying element but it is also combined with
molybdenum, vanadium and cobalt in varying
amounts. Although replaced by cemented carbides for
many applications it is still widely used for the
manufacture of taps, dies, twist drills, reamers, saw
blades and other cutting tools.