I'll copy and past what I found on Crucible web site. All information credit goes to Crucible.
REX® M42
High Speed Steel (AISI M42)
REX M42 is a super cobalt high speed steel which may be heat treated to HRC 68. This makes REX M42 outstanding for special purpose cutting tools, with requirements beyond the capability of general purpose high speed steels.
Typical Chemistry
Carbon 1.08%
Manganese 0.30%
Chromium 3.75%
Vanadium 1.15%
Silicon 0.30%
Tungsten 1.60%
Molybdenum 9.50%
Cobalt 8.00%
Sulfur 0.03% max.
Typical Applications
Broaches Gear Hobs
Drills Milling Cutters
End Mills Reamers
Form Tools Shaper Cutters
Annealed Hardness: BHN 235/255.
Machinability in the annealed condition is approximately 35% of W1 Tool Steel (1%C).
Thermal Treatments
Critical Temperature: 1560F(850C)
Forging: 2025-2075F(1105-1135C) Do not forge below 1700F(930C). Slow cool.
Annealing: 1600F(870C), hold 2 hours, slow cool 30F(15C)/hr max. to 1000F(540C), then air or furnace cool. Hardness BHN 235/255.
Stress-relieving (After machining): 1100-1300F(595-740C), hold 2 hrs., then air or furnace cool.
Straightening: Best done warm 400-800F(200-430C)
Hardening: (Salt, vacuum, or atmosphere).
Preheat: 1500-1550F(820-845C), equalize. A second preheat stage at 1850-1900F(1010-1040C) suggested for vacuum or atmosphere hardening.
High Heat: 2075-2175F(1135-1190C). Standard recommendation to achieve HRC 66/68 is to use 2150-2175F(1175-1190C).
Quench: Salt, oil or atmosphere quench to 1000-1100F(540-595C), equalize, then air cool to below 125F(50C) or hand warm. Vacuum or atmosphere quench rate through 1850-1300F(1010-705C) range is critical to achieve optimum heat treat response.
Temper: 1000F(540C) minimum recommended. Triple tempering required.
Stress-relieving (Hardened parts): Temper 30F(15C) below original tempering temperature or 1000F(540C) minimum.
Toughness
Lowering the hardening temperature (underhardening) reduces the grain size and increases toughness.