High-speed steel (HSS) is called so because it was specifically developed to withstand high cutting speeds and high temperatures generated during machining operations. The name "high-speed steel" reflects its ability to maintain its hardness, wear resistance, and cutting performance at elevated cutting speeds.

High-speed steel was first introduced in the early 20th century as a breakthrough material for cutting tools, drills, and other machining applications. Prior to the development of HSS, carbon steels and tool steels were commonly used, but they had limitations in terms of cutting speeds and tool life.

The key features of high-speed steel that led to its name include:

1. Heat resistance: HSS contains alloying elements such as tungsten, molybdenum, chromium, and vanadium, which contribute to its exceptional heat resistance. This enables HSS tools to operate at higher cutting speeds without losing hardness or becoming overheated.
2. Wear resistance: HSS has excellent wear resistance due to its composition and heat treatment. This property allows HSS tools to withstand the abrasion and friction encountered during high-speed machining operations, leading to longer tool life.
3. Cutting performance: HSS is designed to maintain its sharpness and cutting performance even under demanding conditions. It can efficiently cut through various materials, including hard alloys and stainless steels, at high cutting speeds.

The term "high-speed steel" distinguishes this type of steel from other tool steels and carbon steels, highlighting its ability to withstand the demands of high-speed machining processes. HSS has revolutionized the cutting tool industry, allowing for faster and more efficient metal removal processes in manufacturing and machining operations.