This article describes procedures for producing powder metallurgy high-speed tool steel powder by inert-gas atomization, followed by compaction by hot isostatic pressing. These include the anti-segregation process (ASP) and the crucible particle metallurgy (CPM) process. The article reviews the properties of ASP and CPM and summarizes the procedures to heat treat ASP high-speed tool steels. It discusses the processing steps, advantages, and applications of the FULDENS process that uses water-atomized powders compacted by vacuum sintering. The article also provides information on the applications of tool steels.