yes they can and usually are, a powdered steel is to condense, a steel manufactured by a process in which the molten steel is basically extruded with a high pressure (inert of course) gas this means that the steel sprays out in billions of little balls which cool almost instantaneously, preventing the alloys from separating (in a casting heavier element like tungsten will go to the bottom if given time). then the powder is heated and pressed (HIP) into a billet that is 100% dense no gaps.
the advantage is that it allows for new alloys with greater alloy content, and the grains in the steel are very fine resulting in increased toughness. Very neat process.
http://crucibleservice.com/eselector/general/generalpart3.html
also has modern high quality steels