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Due to recent developments in ferrous powder metallurgy, production of high performance parts has become more cost competitive. Advances in high performance materials have provided high strength in as-sintered components. With recent technological developments, high density parts (>7.3 g/cm3) can be fabricated with a single compaction process that also provides green strengths significantly higher than obtained with traditional processes. Properties obtained with these materials are described and the use of Mn and Cr as alloying elements are reviewed. Machining high performance P/M materials is difficult. A method of green machining P/M components by taking advantage of the material's high green strength is introduced.