CUTTING TOOL AND METHOD OF ASSEMBLING THE CUTTING TOOL FIELD OF THE INVENTION s 100011 The present invention generally relates to a cutting tool. More particularly, the present invention pertains to cutting tool in a cutting tool holder. BACKGROUND DISCUSSION 100021 Tool assemblies used to cut hard surfaces, such as rock and asphalt, io typically include a rotating wheel or drum with a plurality of cutting tools mounted around circumference of the wheel or drum. Each cutting tool is rotatably mounted within a cylindrical bore of the rotating drum. However, the material cut by such tools is so abrasive that the cutting tools become worn in just one day's use, and frequently need to be replaced. Therefore, replacement of such tools must be relatively easy to 15 accomplish. [00031 Each cutting tool typically includes a tapered forward cutting end with a carbide tip, and a major flare diameter portion spaced from the carbide tip. Disposed between the carbide tip arid the major flare diameter portion is a puller groove. The puller groove is used for extracting the tool from the holder via an extractor tool. When 20 there is not sufficient access to the rear of the tool to punch them out, this is the most desirable method. This groove is typically machined in the cutting tool, which is very costly. In addition, because the groove is machined close to the tip of the cutting tool, it is susceptible to wear. [0004] The cutting tool also includes a shank at its rearward end. A 25 compressible skeve is disposed about the shank to fit the tool within the bore of the tool holder. A washer may be used to help compress the sleeve when it is assembled into the tool holder. When assembled, the major flare diameter portion of the cutting tool is disposed adjacent the washer. 10005] In use, the cutting tool rotates within the compressible spring sleeve. As 30 such, the major flare diameter portion rubs against the washer. Because the largest portion of the cutting tool is disposed adjacent the washer, the surface contact is maximized causing excess friction between the washer and the cutting tool. 100061 Accordingly, there is a need in the art for a cutting tool with minimal surface contact between the washer and the cutting tool. In addition, there is a need in 35 the art for a cutting tool body that can be made by forging. 23391621 (GHMatters) 20/07/10 SUMMARY 100071 In accordance with the invention there is provided a cutting tool for insertion into a tool holder, comprising: a tool body having a first end for receiving a cutting tip and a second end for 5 mounting in the tool holder, the tool body including a tapered forward cutting end; a major flare diameter proton disposed adjacent the forward cutting end; a reduced diameter portion disposed adjacent the major flare diameter portion; a shank; a stepped portion disposed between the shank and the reduced diameter portion io and the reduced diameter portion is disposed between the major flare diameter portion and the stepped portion, wherein a diameter of the stepped portion is greater than a diameter of the shank and the diameter of the stepped portion is less than a diameter of the reduced diameter portion, the stepped portion including a shoulder extending perpendicular to a longitudinal axis of the cutting tool, wherein a diameter of the tool 15 body decreases in size in a longitudinal direction of the tool from the major flare diameter portion to the shank and does not increase in size in the longitudinal direction of the tool from the major flare diameter portion to the shank; a compressible sleeve disposed about the shank and retained against the shoulder of the stepped portion; and 20 a washer disposed adjacent to the reduced diameter portion when the cutting tool is retained within the tool holder. [0007a] In accordance with the invention there is provided a cutting tool and holder, comprising: a tool body having a first end for receiving a cutting tip and a second end 25 mounted in a tool holder, the tool body including a tapered forward cutting end; a cutting tip disposed in the first end of the tool body; a major flare diameter portion disposed adjacent the forward cutting end; a reduced diameter portion disposed adjacent the major flare diameter portion; a shank; 30 a stepped portion disposed between the shank and the reduced diameter portion and the reduced diameter portion is disposed between the major flare diameter portion and the stepped portion, wherein a diameter of the stepped portion is greater than a diameter of the shank and the diameter of the stepped portion is less than a diameter of the reduced diameter portion, the stepped portion including a shoulder extending 35 perpendicular to a longitudinal axis of the cutting tool, wherein a diameter of the tool body decreases in size in a longitudinal direction of the tool from the major flare diameter portion to the shank and does not increase in size in the longitudinal direction -2 23391621 (GHMatters) 20/07/10 of the tool from the major flare diameter portion to the shank; a compressible sleeve disposed about the shank and retained against the shoulder of the stepped portion; and a washer disposed adjacent to the reduced diameter portion when the cutting tool s is retained within the tool holder. 10007b] Also described herein is a cutting tool for insertion into a tool holder. A tool body includes a first end for receiving a cutting tip and a second end for mounting in the tool holder. The tool body includes a tapered forward cutting end. A major flare diameter portion is disposed adjacent the forward cutting end. The reduced diameter io portion is disposed adjacent the major flare diameter portion. A shank is disposed adjacent the reduced diameter portion. A compressible sleeve is disposed about the shank. A washer is disposed adjacent to the reduced diameter portion when the cutting tool is retained within the tool holder. [00081 Also described herein is a method of assembling a cutting tool. A cutting 15 tool is provided having a tool body with a first end for receiving a cutting tool arid a second end for mounting in a tool holder. The tool body includes a tapered forward cutting end, a major flare diameter portion disposed adjacent the forward cutting end, a reduced diameter portion disposed adjacent the major flare diameter portion, and a shank disposed adjacent the reduced diameter portion. A compressible sleeve is fitted 20 about the shank of the cutting tool. A washer is fitted about the cutting tool. [00091 Also described herein is a cutting tool and holder. A tool body includes a first end for receiving a cutting tip and a second end mounted in a tool holder. The tool body includes a tapered forward cutting end. The cutting tip is disposed in the first end of the tool body. A major flare diameter portion is disposed adjacent the forward cutting 25 end. The reduced diameter portion is disposed adjacent the major flare diameter portion. A shank is disposed adjacent the reduced diameter portion. A compressible sleeve is disposed about the shank. A washer is disposed adjacent to the reduced diameter portion when the cutting tool is retained within the tool holder. - 2a 23391621 (GHMatters) 20/07/10 WO 2007/133463 PCT/US2007/010714 BRIEF DESCRIPTION OF THE DRAWING FIGURES [00101 The accompanying drawings provide visual representations which will be used to more fully describe the representative embodiments disclosed herein and can be used by those skilled in the art to better understand them and their inherent advantages. In these drawings, like reference numerals identify corresponding elements. [00111 Fig. 1 illustrates a side elevational view, partly in cross section of an exemplary cutting tool of the present invention and a holder. [00121 Fig. 2 illustrates a side elevational view of an exemplary cutting tool of the present invention. [0013] Fig. 3 illustrates a side elevational view of an exemplary cutting tool according to the prior art. [0014] Fig. 4 illustrates a side elevational view an exemplary tool body of the present invention. [0015] Fig. 5 illustrates a side elevational view of an exemplary compressible sleeve according to the present invention. [0016] Fig. 5A is a cross-sectional view of the compressible sleeve of Fig. 5 taken along line 5A- 5A. [00171 Fig. 6 illustrates a top plan view of an exemplary washer according to the present invention. [0018] Fig. 6A is a cross-sectional view of the washer of Fig. 6 taken along line 6A-6A. [0019] Fig. 7 illustrates a side elevational view of a standard extractor tool. [0020] Fig. 8 illustrates a side elevational view of the cutting tool of the present invention with the washer disposed midway along the compressible sleeve. [0021] Fig. 9 illustrates a side elevational view of the cutting tool of the present invention with the washer disposed adjacent the reduced diameter portion. DETAILED DESCRIPTION [0022] Figs. 1 and 2 show an exemplary embodiment of cutting tool assembly 10 and cutting tool 12 of the present invention. While the cutting tool assembly 10 is generally described as suitable for use as road milling tools, it should be understood that -3 600538\1 WO 2007/133463 PCT/US2007/010714 the cutting tool assembly 10 according to the present invention is applicable to cutting tools other than road milling tools. For example, mining and trenching tools. [0023] Cutting tool assembly 10 includes a cutting tool 12 mounted within a tool holder 14. When used as a road milling tool, a plurality of cutting tools are mounted around the circumference of a drum, and are rotatable around a longitudinal axis to thereby cut a hard surface (not shown). The structure of such a tool is well known in the art, and shown for example, in U.S. Patent No. 6,113,195 and U.S. Patent No. 6,481,803, the descriptions of which are incorporated herein by reference. [00241 The cutting tool 12 includes a tool body 16 having a first end 18 for receiving a cutting tip 20. Preferably, the cutting tip 20 is a tungsten carbide cutting tip. However, it should be understood that cutting tip 20 can be made of any hard material, depending on application and design preference. The tool body 16 includes a tapered forward cutting end 22 and a major flare diameter portion 24 adjacent the forward cutting end 22. A reduced diameter portion or puller groove 26 is disposed adjacent the major flare diameter portion 24, and is sized to receive the jaws of a standard extractor tool (see Fig. 7), which will be described in more detail below. [0025] The cutting tool 12 includes a second end 28 for mounting the cutting tool 12 in the tool holder 14. The second end 28 of the cutting tool 12 includes a shank portion 30 to be received within a bore 32 of the tool holder 14. Disposed about the shank portion 30 is a compressible sleeve 34, preferably made from spring steel. The sleeve 34 is spring-loaded to radially expand the sleeve against the inner surface of the bore 32 of the tool holder 14. [00261 A washer 36 is disposed about the compressible sleeve 34 and acts to compress the sleeve 34 so that the cutting tool 12 can be mounted in the tool holder 14, which will be described in more detail below. Preferably, the cutting tool 12 rotates within the bore 32 of the tool holder 14, but is retained therein. Rotation of the cutting tool 12 within the bore 32 allows the cutting tool 12 to wear symmetrically, which increases the life of the cutting tool 12. [00271 With reference to FIGS. 2 and 3, the cutting tool 12 of the present invention is compared to the cutting tool 40 of the prior art. With reference in particular to Fig. 3, the cutting tool 40 of the prior art includes a tapered forward cutting end 42 which receives a cutting tip 44 at its end. A reduced diameter portion 46 is disposed between the -4 600538\1 WO 2007/133463 PCT/US2007/010714 tapered forward cutting end 42 and a major flare diameter portion 48, and is sized to receive the jaws of a standard extractor tool 49 (see Fig. 7). A compressible retainer sleeve 50 is disposed about a shank portion 52 of the cutting tool 40 to thereby retain the cutting tool 40 within a tool holder (see, e.g., Fig. 1). A washer 54 is disposed about the compressible sleeve 50, which pre-compresses the retainer sleeve 54 to facilitate mounting and retaining the cutting tool 40 within the tool holder. [0028] In accordance with the cutting tool 40 of the prior art, the reduced diameter portion 46 must be machined, because it is not possible to produce such a grooved portion by cold forming. In particular, the grooved portion does not allow for the cutting tool to be punched out of a die when cold forming. However, machining is very expensive, and is to be avoided. In addition, the surface contact between the major flare diameter portion 48 and the washer 54 is quite large, thereby increasing friction and negatively affecting rotation of the cutting tool 40 within the tool holder, causing premature wear. Moreover, the reduced diameter portion or puller groove 46 is located relatively close to the cutting tip 44, which causes the top surface of the groove to be worn away, rendering it useless for the puller to extract the tool. [0029] In contrast, the cutting tool 12 of the present invention includes major flare diameter portion 24 above the reduced diameter portion or puller groove 26. As such, the washer 36 acts as a bottom surface 36A of the puller groove 26 and the major diameter portion 24 acts as a top surface 24A of the puller groove 26. In addition, as shown in Fig. 2, friction between the top surface of the puller groove 26 and major diameter portion 24 and the cutting tool 12 is minimized because the surface contact therebetween is significantly decreased. In operation, the major flare diameter portion 24 acts as one side of the puller groove 26, and is farther removed from the cutting tip 20, thereby reducing wear of the top surface 24A and major flare diameter portion 24. [0030] With reference to FIG. 4, the cutting tool 12 of the present invention will be described in further detail. In particular, the cutting tool 12 includes a tool body 16 having a first end 18 and a second end 28. The first end 18 includes the seat 56 for receiving a cutting tip therein (not shown). The first end 18 includes a tapered forward cutting portion 22 adjacent a major flare diameter portion 24. A reduced diameter portion or puller groove 26 is disposed below the major flare diameter portion 24. A shoulder bridging the reduced diameter portion 26 and major flare diameter portion 24 constitutes -5 600538\1 WO 2007/133463 PCT/US2007/010714 the top surface 24A for engagement of the extractor tool 49. Preferably, the reduced diameter portion 26 is cylindrical. However, it should be understood that the reduced diameter portion 26 may take other shapes depending on application and design preference. [0031] The tool body 16 also includes a shank portion 30 for mounting within a tool holder 14 (see Fig. 1). Disposed adjacent the shank portion 30 is a stepped portion 60. Preferably, a diameter of the stepped portion 60 is greater than a diameter of the shank portion 30 but is less than a diameter of the reduced diameter portion 26. The stepped portion 60 provides surface against which the compressible sleeve is retained when the compressible sleeve is mounted about the cutting tool 12. [00321 Because the major flare diameter portion 24 is disposed above the puller groove, tool body 16 may be formed by cold forming in which a metal blank is formed into a desired shape, thereby avoiding the significant costs of machining. In particular, a blank is inserted into the die which defines the outer surface of the cutting tool, after which the blank is punched to conform it to the shape of the die. However, it should be understood that tool body 16 may be made in other ways known in the art, and is not restricted to cold forming. [00331 With reference to FIGS. 5, 5A, 6, and 6A, the compressible sleeve 34 and washer 36 of the present invention are similar to the compressible sleeve and washer of the prior art. With reference specifically to FIGS. 5 and 5A, the compressible sleeve 34 is preferably made from a spring steel and includes an opening 70, which permits the sleeve to be compressed by the washer 36. With reference to FIGS. 6 and 6A, washer 36 includes a bevel 72 that tapers downwardly at an angle, which minimizes the contact between the washer 36 and the reduced diameter portion or puller groove 26 of the cutting tool 12. The structure of such a washer is shown, for example, in U.S. Patent No. 6,113,195, the description of which is incorporated herein by reference. Preferably, this angle is approximately 45 degrees, but may be greater or smaller, depending on application and design preference. The sleeve 34 also includes a plurality of detents 74 (see Figs. 5 and 5A) which engage a groove 76 (see Fig. 4) disposed on the shank portion 30 of the cutting tool 12, to thereby retain the sleeve 34 on the cutting tool 12. [00341 With reference to FIGS. 8 and 9, a method of assembling the cutting tool 12 of the present invention within a tool holder 14 includes fitting the compressible sleeve -6 600538\1 34 about the shank portion 30 of the cutting tool 12 so that the sleeve 34 is disposed adjacent the stepped portion 60 of the cutting tool 12. A washer 36 is fitted about the second end 28 of the tool body 16 over the compressible sleeve 34 until the washer 36 is disposed about midway along the compressible sleeve 34. s [00351 Once the washer 36 is fitted about the compressible sleeve 34 about midway thereon, the second end 28 of the cutting tool 12 is inserted into a bore of a tool holder until a first end 80 of the washer 36 abuts the top surface of the tool holder (not shown). Force is then applied to the first end 18 and cutting tip 20 of the cutting tool 12 until the second end 82 of the washer 36 abuts against the reduced diameter portion or io puller groove 26, as shown in FIG. 9. The washer 36 pre-compresses the compressible sleeve 34 along its length, to thereby facilitate insertion of the cutting tool within the bore of the tool holder, as shown in FIG. 1. 100361 In the cutting tool 12 of the present application, the surface contact between the cutting tool 12 and the washer 36 is less than the surface contact between 15 the washer 36 and the tool holder 14. As such, the washer 36 will not move, or turn on the holder, but rather remains stationary with the top surface of the holder. This will reduce the wear on the interface of the holder and the washer. The increased surface area between the washer and the holder will prevent the washer from rotating, thereby reducing the wear on the top of the holder. As such, the tool will require changing long 20 before the interface of the tool and the washer is worn away and there is a catastrophic failure at the interface. When the cutting tool is replaced, the washer is replaced as well. [00371 The presently disclosed embodiments are considered in all respects to be illustrative and not restrictive. The scope is indicated by the appended claims, rather than the foregoing description, and all changes that come within the meaning and range 25 of equivalents thereof are intended to be embraced. 10038] It will be understood to persons skilled in the art of the invention that many modifications may be made without departing from the spirit and scope of the invention. [0039] In the claims which follow and in the preceding description of the 30 invention, except where the context requires otherwise due to express language or necessary implication, the word "comprise" or variations such as "comprises" or "comprising" is used in an inclusive sense, i.e. to specify the presence of the stated features but not to preclude the presence or addition of further features in various embodiments of the invention. 35 10040] It is to be understood that, if any prior art publication is referred to herein, such reference does not constitute an admission that the publication forms a part of the common general knowledge in the art, in Australia or any other country. -7 2339162_1 (GHMatters) 20/07110