In the paper, the new highly alloyed Cr-V-Mo stainless tool steel produced via the powder metallurgy method was examined. The Elmax steel is a new-generation sintered tool steel characterised by high resistance to wear and corrosion and very good dimensional stability. The purpose of the paper was to analyse the influence of the rate of cooling from the temperature of austenitization and of an additional sub-zero treatment on the microstructure, phase composition and the curve of mechanical properties of steel during tempering. It has been found that a sub-zero treatment decreased the retained austenite fraction in the steel structure after hardening in oil or compressed air. The use of a sub-zero treatment on specimens after hardening had no significant effect on steel hardness after tempering, but it negatively affected the course of bending strength and impact strength of steel. Based on the obtained results it has been found that optimum mechanical properties for the Elmax steel were obtained after hardening from a temperature of 1080°C in compressed air (without a sub-zero treatment) and tempering at a temperature of 180°C.
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