Liquid phase sintering of high speed steels seems to be a cheaper processing route in the manufacturing of tool steels if compared to the well-known and expansive hot isostatic pressing high speed steels process. In a previous work a M3:2 high speed steel was vacuum sintered from irregular water atomized powders and had its sintering temperature determined. In this work the same powder was uniaxially cold compacted and vacuum sintered by adding some small quantity of graphite (0.3%C in weight) to prevent porosity and loss of carbon which result from the sintering cycle. The samples from all these experimental procedures were uniaxially cold compacted and vacuum sintered at five different temperatures and had its densities evaluated. The microstructure was evaluated using optical-electronic techniques in order to investigate the best range of sintering temperature. At least five parallel samples were tested to each condition of sintering.