A method is proposed for producing cast dispersion-hardening ferrite-carbide steel for manufacture of cast molds of hot deformation, molds for die casting under pressure and forging dies for solid-liquid forming, providing production of steel with fine-grain structure and uniform distribution of carbides in a ferrite matrix without formation of casting cracks. In the process of steel production waste carbide ceramic-metal inserts of a cutting tool from alloys are used, they are of the following types: T5K6, T15K6, T5K10, T21K8, TT7K12, TT8K6, TT10K9, TT20K9 and T30K4 containing titanium carbides (TiC), tantalum carbides (TaC), tungsten carbides (WC).