The high carbon stainless steel containing more than 0.5 mass % carbon and more than 8 mass % chromium, or the tool steel containing more than 0.5 mass % carbon and more than 0.5 mass % at least one of carbide producing metal elements including chromium, molybdenum, tungsten, vanadium, niobium and titanium is processed by cold-warm working such as forging at a temperature of less than 800 ° C. to make more than 10% plastic deformation to an extent that cracks and voids are formed in the crystallized first stage carbide and, further, processed by a Hot Isostatic Pressing treatment so that the cracks and voids may be cured.