CTS® 204P is a highly wear and corrosion resistant, air hardening martensitic, cold-work stainless die steel produced using Micro-Melt® powder metallurgy (P/M) process. The excellent wear resistance of the alloy is provided by a significant volume fraction of hard vanadium-rich carbides, while the alloy's outstanding corrosion resistance is obtained as a result of the chromium-rich matrix. The application of Micro-Melt P/M processing creates a segregation-free and homogeneously fine carbide and grain size distribution, and when coupled with the use of molten metal filtration, results in improved cleanliness and toughness compared to conventionally cast and wrought processed material. CTS 204P's uniform microstructure, fine carbide distribution, cleanliness and high chromium content, is responsible for the material's excellent combination of wear resistance, toughness, polishability, and corrosion resistance. In severe applications requiring toughness and good wear and corrosion resistance, CTS 204P can reduce tooling requirements by as much as 75% compared to conventional tooling.