Some characteristics of steel respond to cryogenic deep freeze processing much like they do to high heat and quenching.
Many tool manufacturers are finding that when their tools are cryogenically treated as part of their heat-treatment, they get increased life out of the tool. This is so because the cryogenic processing helps to remove that last little bit of retained austenite in the matrix, giving the tool a harder, tougher matrix of tempered martensite. This improves the cutting action while reducing the risk of dimensional instability.