A powder metal (P/M) forging process is being developed for making near-net shaped mold and dies. The process involves the use of a proprietary ceramic powder slurry mix that can be cast to shape at room temperature using conventional or free-form fabrication (FFF) models as patterns. The ceramic castings can be used as tools to forge (consolidate and densify) tool steel powders (including H13 and P20) to over 97% theoretical density with minimal distortion and shrinkage. The resulting fine grain microstructure yields tool steel products with mechanical properties superior to traditionally CNC machined wrought tool steel molds and dies. To benchmark the process, a case study was made on a H13 P/M forged tool steel mold insert.