Hybrid additive-subtractive manufacturing has been adopted as a cost-effective alternative for manufacturing plastic injection moulding tools with conformal-cooled inserts created by fusing powder and wrought material. This article reports the development of a hybrid power-wrought pre-hardened alloy steel to supplement the current material choice for fabricating injection mould inserts using this advanced manufacturing strategy. In this study, MS1 (maraging 300) steel powder was additively deposited onto pre-machined wrought Nimax steel to form a hybrid alloy material. The mechanical and microstructural properties of the fusion-bonded interface were examined. Microstructural observation revealed a 280 μm thick interfacial region consisting of a homogenous mixing of powder and substrate materials. As a result of solid solution strengthening within the region, tensile tests established robust powder-substrate bonding with tensile ruptures occurring well away from the interface. The as-built hybrid-alloy steel possessed excellent mechanical properties, with 1200 MPa in ultimate tensile strength, 12.4 % in elongation at fracture and 39 HRC (Nimax)/42 HRC (MS1) in hardness. The overall results suggested that hybrid MS1-wrought Nimax steel is a suitable pre-hardened material for manufacturing durable and high-performance injection mould inserts as part of a cost-effective hybrid additive-subtractive manufacturing strategy.