"I thought it was M2 steel.....but, I could be mistaken about that."
Okay, probably a common mistake. M2 or common hss (high speed steel) is relatively expensive. I would think manufacturers would specifically label their tools as M2 or hss if they were because it's such a desirable feature.
There may be a little leeway in claiming "hss". Sears claimed their wood router bits were high speed steel, but they sure couldn't hold a candle to more expensive bits that were truly hss.
Carter and Sons make turning tools of M42, cobalt hss. Very hard and should hold cutting edges, but with a price to match.