The process of high-speed impact of projectiles against targets of finite thickness is experimentally investigated. Medium-hard steel plates are used as targets. The objective of this research is to carry out a comparative analysis of dynamic effects of interaction of various types of projectiles with targets, such as characteristics of destruction of the target, the state of the projectile behind the target, and particularities of the after-penetration stream of fragments after the target has been pierced. The projectiles are made of composites on the basis of tungsten carbide obtained by caking and the SHS-technology. To compare effectiveness of composite projectiles steel projectiles are used. Their effectiveness was estimated in terms of the ballistic limit. High density projectiles obtained by means of the SHS-technology are shown to produce results comparable in terms of the ballistic limit with high-strength projectiles that contain tungsten received by caking.