The electroslag remelting process was studied when the consumable electrode made from the powder of M2 type high-speed steel was used and the effect of outside magnetic field was applied. The electromagnetic forces that arise from the interaction between the outside direct magnetic field and the one-phase electric current of the electroslag remelting process by a monofilar scheme alter the mechanism of the electrode remelting and thus, affect the solidification of a high-speed steel and its structure. The cast cutting tips made from ingots produced by this technology had tool life to be comparable to that of standard ones made from the wrought steel of the identical chemical composition and heat treatment.It has been shown that a magnetic field also affects both the temperature ranges and the kinetics of phase transformation in a high-speed steel. This suggestion is proved by DTA measurements.