Tool steels serve a large range of applications including hot and cold workings of metals and injection mouldings of plastics or light alloys. The high speed steels (HSS) are specifically used as cutting tools and wear parts because it has high strength, wear resistance and hardness along with appreciable toughness and fatigue resistance. From the view of HSS microstructure, it can be described as metallic matrix composites formed by a ferrous with a dispersion of hard and wear resistant carbides. The experimental specimens were manufactured using the PIM with T42 powders (50~80 vol.%) and polymer (20~50 vol.%). The green parts were debinded in n-hexane solution at $60^{circ}C$ for 8 hours and thermal debinded at an $N_2-H_2$ mixed gas atmosphere for 8 hours. Specimens were sintered in high vacuum ($10^{-5}$ Torr) and various temperatures.