There is a very popular video on you tube showing a blacksmith in a very modern shop forging the body of an axe head under a special type of trip hammer. He then inserts a high carbon or alloy tool bit and welds the bit into the axe. A female striker assists him during the weld. I believe that is a Gransfors Bruks video. Apparently, not all of their tools are a single alloy steel as described above. I did not go back to find the video so I am not positive it was Gransfors but my memory is/was much better than the average tool nut.
A hand forged laminated blade pays homage to tradition, kinda like timber framing.