The name High Speed Steels was used as they cut faster than other types of steels.
High speed steels are categorized after the name of their constituents, such as Molybdenum high speed steels, Vanadium high speed steels, Chromium high speed steels and so on.
High Speed steels are used in cutting equipments, such as blades and saws. They are also used in tool bits and in dies.