This research suggests a new technique for fabricating high speed steel by dispersing nanosized oxide particles instead of carbide precipitates within the iron-based matrix. Due to the chemical stability and smaller size of the oxide dispersoids, the proposed material should exhibit high strength well above 600 degrees C, unlike conventional high speed steels. The processes involved in the manufacture will be studied here, including firstly the production of iron powder with the uniformly dispersed oxides and secondly the consolidation of the powder by casting or standard powder metallurgy. Other benefits of the proposed material may be improved grindability and fracture toughness, due to the very small size and greater homogeneity of the oxide dispersoids within the iron-based matrix. Some of the high costs of conventional alloying would also be avoided. The research method therefore offers an attractive alternative to producing superior high speed tooling material.