Abstract: A powder-metallurgy produced, vanadium-containing, tungsten-type high-speed steel wherein hardness at elevated temperature is achieved without resorting to conventional, high cobalt contents. This is achieved by providing a critical amount of tungsten and/or molybdenum above that conventionally used in combination with vanadium and carbon in an amount sufficient to combine with the vanadium present and with an excess carbon to provide matrix strengthening. The high hardness and wear resistance at elevated temperature is imparted to the steel by the carbides of vanadium, tungsten and/or molybdenum. Columbium may be substituted for a portion of the vanadium.