High-speed steel is a type of steel used in many industrial contexts, including the tool industry. It is a high-carbon steel alloyed with elements such as tungsten, molybdenum, and vanadium, which provides high hardness, wear resistance, and toughness. High-speed steel is often used for making cutting tools, such as drill bits, saw blades, and milling cutters, due to its ability to withstand high temperatures and maintain its cutting edge.