CPM Rex 54 is a cobalt-bearing high speed steel designed to offer an improvement in the red hardness of the popular M4 grade, while maintaining wear properties equivalent to M4. CPM Rex 54 has a chemical anlysis very similar to M4 to which cobalt has been added for superior red hardness which allows for higher cutting speeds. It contains higher vanadium (4%) than either M35 (2%) or CPM Rex 45 (3%), and therefore offers improved wear resistance over these two grades, while maintaining a similar red hardness level.

The CPM process results in a homogeneous microstructure with a finer, more uniform carbide distribution imparting superior dimensional stability, grindability and toughness when compared to steels produced by conventional processes. The CPM process also allows the design of more highly alloyed grades which cannot be produced by conventional steelmaking.