High speed steel (HSS) is a material usually used in the manufacture of machine tools. It is often used in power saw blades and drill bits. It is superior to the older high carbon steel tools in that it will not lose it's temper (hardness)with excessive heat build up. Because of this, high speed steel can cut metal at a higher rate of speed than its predecessor high carbon steel, hence the name high speed steel.

High carbon steel remains a good choice for low speed applications where a very keen (sharp) edge is required, these may include files and chisels.