Powder Metallurgy is to do with manufacturing specific shapes of metal parts by ,what is called "sintering" the metal in its powder form, to the desired shape using a mould.
This process is used for making magnets, and pre lubricated bearing bushes.
The magnets are made of alloy powder consisting of , in addition to steel, metals like Al, nickel, and cobalt.
Sintered phosphur bronze bushings are used as bearings for low load drive applications such as a paper drive mechanism for an Electro Cardiograph machine.
The advantages of this process are:
1) low volume production of difficultly shaped alloy parts.
2) self lubricating types of bush bearings where the pores created by this sintering process are pressure filled with lubricating oils for life long lubrication.
ALNICO magnets, and bush bearings are two of the most useful applications of this technology.