This article describes the effects of undissolved carbides formed by segregation of alloying elements on the hardness of the powder-metallurgical (PM) high-alloy tool steels (HATS). It explains the calculation of exact stoichiometric carbon content that depends on the required martensite hardness, amount of carbon forming alloying elements, types of undissolved carbides during austenitizing, and the densities of the carbides. Microhardness values for carbides in HATS are also listed.