Systems (100) and methods (1000) for additively manufacturing or repairing a component from a base material (10). The system may include a laser metal deposition (LMD) system (200) operably connected to a means for cooling (300) the base material during laser processing of additive materials deposited in a melt pool on the base material. The LMD system includes a laser energy source (202) configured to direct laser energy towards the base material to form the melt pool thereon and to processes the deposited additive materials to form layers on the base material upon solidification. The means for cooling may be configured to cool the base material to within a cooling temperature range during the LMD process, which results in, e.g., a cooling/freezing effect. This cooling effect shortens the solidification period during laser processing and allows for weld heat to be released from the base material.