A cold work steel has the following chemical composition in weight-%: 1.25-1.75% (C+N), however at least 0.5% C 0.1-1.5% Si 0.1-1.5% Mn 4.0-5.5% Cr 2.5-4.5% (Mo+W/2), however max. 0.5% W 3.0-4.5% (V+Nb/2), however max. 0.5% Nb max 0.3% S balance iron and unavoidable impurities, and a microstructure which in the hardened and tempered condition of the steel contains 6-13 vol-% of vanadium-rich MX-carbides, -nitrides and/or carbonitrides which are evenly distributed in the matrix of the steel, where X is carbon and/or nitrogen, at least 90 vol-% of said carbides, nitrides and/or carbonitrides having an equivalent diameter, Deq, which is smaller than 3.0 .mu.m; and totally max. 1 vol-% of other, possibly existing carbides, nitrides or carbonitrides.