Saw blades, including band saw blades, reciprocating saw blades, hole saw blades and hand hack saw blades, are made from a bi-metal strip. The bi-metal strip includes a cutting edge defined by a plurality of cutting teeth that is welded to an axially-elongated carbon or spring steel backing. The cutting edge is formed of a high speed steel alloy consisting essentially of: about 8/10% to about 1% carbon, up to about 45/100% silicon, up to about 4/10% manganese, up to about 3/100% phosphorous, up to about 3/100% sulfur, about 4% to about 6% cobalt, about 3% to about 5% chromium, about 4-1/2% to about 5-1/2% molybdenum, about 1% to about 2-1/2% vanadium, about 5-1/2% to about 7% tungsten, and about 74% to about 78-1/2% iron.

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