New article on cold forging of steel including what happens to the steel during cold forging, what happens when you heat it up afterward, and how it changes the properties of the final heat treated product. https://knifesteelnerds.com/2019/03/11/cold-forging-of-steel/
another great write-up,
I cold forge laminated steel, I'm a student of Murray Carter's and that's what I was taught and I adhere to that practice. However I don't have a power hammer and hand forging doesn't have quite the same effect on the blade as does a power hammer
I've never cracked a laminated blade.
Here's another "reason" of why it is done (in let's say Japan) "...stopping hot forging right at the point you know it can be finished cold is good for fuel economy when you are making dozens of knives a day in a small japanese family factory..."
This came from a bladesmith I know who uses classical Japanese techniques.
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