Abstract: The present invention is directed to a cutting insert with a rake face, a seating surface and a plurality of flank faces extending between the rake face and the seating surface. The intersection of the rake face and the plurality of flank faces define a plurality of cutting edges. The rake face of the insert has a plurality of corner regions formed at the intersection of side cutting edges to define corner cutting edges. The corner cutting edge in at least one corner region has a recessed profile when viewed from the side of the insert. The recessed profile has a concave shape and extends inwardly from the cutting edge. At the cutting edge, the recess has a conical shape to define a conical portion and further inward from the cutting edge the recess may have a cylindrical shape to define a cylindrical portion.

Abstract: A toolholder for use in a metalworking operation, with a body extending along a longitudinal axis and a recess extending within the first end of the body. Adjacent an insert pocket adapted to receive a cutting insert in the recess is at least one wall with a portion having a surface with multiple interruptions to form a chip ejection segment. The chip ejection segment may be an integral part of the toolholder body or may be a discrete piece removably attached to the toolholder body. A method of imparting to a toolholder such a chip ejection segment is also disclosed.