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High speed steel, High speed steel is a material usually used in the manufacture of machine tool bits and other cutters. It is often used in power saw blades and drill bits. It is superior to the older high carbon steel tools used extensively through the 1940s in that it can withstand higher temperatures without losing its temper (hardness). This property allows HSS to cut faster than high carbon steel, hence the name high speed steel. At room temperature HSS and high carbon steel have an equivalent hardness; only at elevated temperatures does HSS become advantageous.