Abstract: The invention relates to high speed tool steels produced by powder metallurgy; to parts subject to heavy wear which are fabricated from such steel; and to a method of such fabrication. According to the invention, the part subject to heavy wear contains Nb in the amount of 2-15 wt. % and V in the amount of 1-4 wt. %, and further contains metal carbides in the amount of 10-30 vol. %; and that the lower limit of the carbon content is given by the formulaC.sub.min =0.45+0.1(%Nb)+0.20(%V),and the upper limit of the carbon content is given by the formulaC.sub.max =1.0+0.15(%Nb)+0.24(%V).In manufacturing the steel the melt of the alloying components is subjected to atomization in an overheated state (substantially above the liquidus temperature), to produce a powder.