CARBON IN TOOL STEEL
Carbon tool steel, or "tool steel" as it is commonly called, usually contains from 80 to 125 points (or from 0.80 to 1.25 per cent) of carbon, and none of the alloys which go to make up the high speed steels. This was formerly known also as crucible or "cast" steel, or crucible cast steel, from the way in which it was made. This was before the days of steel castings. The advent of these caused so much confusion that the term was soon dropped. When we say "tool steel," we nearly always refer to carbon-tool steel, high-speed steel being usually designated by that name.
For many purposes carbon-steel cutters are still found best, although where a large amount of material is to be removed at a rapid rate, it has given way to high-speed steels.