The new P/M stainless steel called "PM21" for cutlery was produced by the Gas Atomization plusHIP process. The microstructure, mechanical properties, corrosion resistance and cutlery properties of the steel were investigated in comparison with conventionally cast and forged alloy steels and a P/M high speed steel. The studies indicated that PM21 has a lot of carbides and a fine homogeneous carbide structure that confers high toughness and high wear resistance. Additionally, PM21 has a much higher corrosion resistance than that of SUS440C stainless steel. The studies also showed that the cutlery properties of PM21 are far superior to those of conventional steel.