A composite utility knife blade and method of making such a blade involves butt joining a tool steel wire to a front edge of an alloy steel backing strip. The wire is electron beam welded to the backing strip to form a composite strip defining a first metal portion formed by the alloy steel backing strip, a second metal portion formed by the tool steel wire, and a weld region joining the first and second metal portions. The composite strip is then annealed, and the annealed strip is straightened to eliminate any camber therein. The annealed composite strip is then hardened such that the first metal portion defines a surface hardness within the range of approximately 38 Rc to approximately 52 Rc, and the second metal portion defines a surface hardness within the range of approximately 60 Rc to approximately 57 Rc.