Based on the comparison of structures and properties of the HS6-5-2 high speed steels made with the powder injection moulding method, pressureless forming, compacting and sintering, and commercial steels made with the ASEA-STORA method, fine carbides spread evenly in the steel matrix were found in the structure of all tested high-speed steels in the sintered state. The use of a nitrogen atmosphere in the sintering process, causes the formation of fine, spherical MX type carbonitrides, stable in high sintering and austenitizing temperatures. The steels made with the pressureless forming method are characteristic of the lowest sintering temperature and the highest density, resulting from the high carbon concentration coming from the binding agent degradation. Moreover, the higher carbon concentration causes an increase in the retained austenite portion and a lower hardness after quenching and tempering. The heat-treated injection moulded steel attains hardness comparable to the commercial ASP23 type one, demonstrating the well-founded reasons for using the powder-injection moulding method for manufacturing the high-speed steel. The powder-injection moulding makes manufacturing tools possible with their final shape, i.e., leaving out the plastic forming and machining which is necessary for instance in case of the ASP 23 type steel. Furthermore, the degradation and sintering process time of the injection moulded steels is approximately 10h shorter than for steels made with pressureless moulding, which is due to the use of a two-component binding agent.