Hi Vic,
the smaller sizes have the HSS Flash Butt Welded to the softer shank and the larger (usually morse tapere shank) are Friction Welded.
It's also possible that some manufacturers may have Induction Hardened part of the HSS blank, to achieve the same result.
Searching for Flash Butt Welding, Butt Flash Welding, Friction Welding and Induction Hardening will bring up plenty of information on the processes for you.
Nick.
Edited By Nick Hughes on 02/09/2017 11:24:19