<p>Scrapped and damaged high speed cutting tools collected from the machine shop without the addition of alloying elements are casted using centrifugal casting due to its added advantages in mechanical properties over gravity casting. The Cast product is then cut into pieces by wirecut electro-discharge machining process to prepare the tool shank, and then the turning tool tip is developed by grinding the tool shank using tool cutter grinding machine. After grinding, the tool is hardened by proper heat treatment process to get required hardness for cutting. The developed tool cutting ability is evaluated by comparing it with the existing HSS M2 tool during finish turning on mild steel workpieces with varying feed, keeping other parameters constant. The comparison study was conducted on the basis of tool wear, cutting force required for machining, surface finish of workpiece and chip formation. The developed tool showed better results than the existing tool in terms of crater wear and surface roughness for all cutting conditions. However, a slight increase in cutting force components and flank wear is observed for the developed tool after 0.12&#xa0;mm/rev. Moreover, a similar pattern of chip formation is evidenced for both tools at all cutting conditions. The cutting ability of both developed and existing tool is comparable, claiming this novel technique is a viable method for cutting tool production.</p>