A metal cutting tool (20; 220) comprising a cutting insert (42) removably secured therein is disclosed, the cutting insert being in communication with an adjusting mechanism (44; 244) which comprises at least one adjusting member having an adjusting member top face (138; 338) , the adjusting member top face comprises an adjusting socket (140; 340) designed to receive a key, the cutting insert comprises at least one insert adjusting slot (60) extending between two opposing insert major faces (52), a position of the cutting insert can be adjusted by inserting the key through the insert adjusting slot to the adjusting socket and rotating the key, whereby the position of the cutting insert is adjusted.