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An earth-boring bit (11) has a steel body (13) and bearing pin for rotatably supporting a cone. The cone has an exterior surface containing rows of cutting elements. The cone (21) and cutting elements (35) are formed of cemented tungsten carbide. The cone may be manufactured by applying pressure to a mixture of hard particles and metal alloy powder to form a billet, then machining the billet to a desired over-sized conical shaped product. Then the conical-shaped product is liquid-phase sintered to a desired density, which causes shrinking to the desired final shape.