Wreck is 100% correct if you're making a paycheck or have the budget to invest into modern tooling and machinery. But us H-M must look at things a lot different.
Take your piece of HSS and do some sharpening on it. You want a nose radius of 1/32 to 1/16, depending on the size of your lathe. Next, put a healthy back rake or top rake on the tool to give it a shear action when cutting. Last hone the edges until they are near razor sharp! Including the nose radius. As Wreck said use the coarsest feed as you can for roughing on hot rolled mild steel (A-36, 1018-1026 grades and others). Coat the surface of the part that you are turning with a good cutting oil. This should remove the "dragging" or "build up" as you see on the surface currently. Back off on your feed rate to around .005-.010" on your last two or three final passes. Keep applying cutting oil to the surface on the last cuts.