Scotty-- What are you 'drilling'?
Trepanning or plunge milling or open die forging would be normal for those sized holes in steel. If it's a through hole in thick material, wire EDM is the way to go.
Hooda got it right. It's sintered tungsten carbide that is formed, not melted or forged. Sheets are available for certain bearings but it can't be cut with a plasma.
Normally, carbide tools are solid carbide or brazed carbide 'tipped' or inserts of carbide in tools forged and machined from high strength steel. Indexable tooling is the cheapest for big shops because it remains on size by simply changing the cutting corner or entire insert. Resharpened brazed tools are undersized as are solid carbide tools.
BUT, machines have to be designed and built for the milling stresses involved to get the benefit of carbide tooling. Old machines won't cut like new ones when using new tooling. Speed and volume is the king money maker and carbide is up to 250 times more efficient than HSS.
There is no safe direction to point an unsafe gun.
14x60 Hercules Ajax lathe
Gorton I-22 MastrMil
Landis 6x18 surface grinder
20" Powermatic bandsaw
Ancient, big drill press
350 pound anvil and a bunch of hammers
If I can't fix it I can make it.....unrecognizable.