Consolidation of tool steel powders and simultaneous joining to a stainless 316L steel are performed by hot isostatic pressing (HIP). Two tool steel grades are considered: a high vanadium alloyed carbon tool steel, and a high vanadium and chromium alloyed nitrogen tool steel. The boundary layer arising during diffusion bonding is in focus and, in particular, the diffusion of carbon and nitrogen over the joint. Measurements of the elemental concentration profiles and corrosion tests by the double loop-electrochemical potentiokinetic reactivation (DL-EPR) method are performed. Comparative calculations with the DICTRA software are performed and are found to be in agreement with the experimental results. It is found that the carbon tool steel grade has a more critical influence on the corrosion resistance of the stainless 316L steel in comparison to the nitrogen tool steel grade. © 2010 The Minerals, Metals & Materials Society and ASM International.