Powder metallurgy is a process that involves blending metal powders, compacting them under pressure into a desired shape, and then sintering or heating the compact to fuse the particles together. It allows for the production of small, intricate parts with complex shapes from difficult-to-machine materials. Common applications include automotive components, gears, bearings, and appliances. The key steps are powder production through atomization, blending and mixing, compaction, and sintering.