01 or 1095.

5160 is nice in a larger knife. I have larger knives in O1, 1095, and 5160 (all are differentially heat treated) and they perform pretty well. I haven't tried S7 yet but it looks pretty impressive.

Scott Gossman does some great things with larger knives in O1 if I am not mistaken.
 
1095 is a good steel but I'd pick O1 mainly because I have more experience with it. You can't go wrong with either as long as they are properly HTed and tempered.
Scott
 
A lot of my response is based on my experience- I can't justifiably mention S7 because I don't work it. I know that 1095 can be a very flexible steel for use, But I've had my best results on thicker heavier blades with lots of impact thus far using 1084 and 5160.

I think O1 would work fine, but in my more limited experience with it I don't see it doing anything better than a simple high carbon alloy like 1084 or 1095 (or a bit lower like 5160). *I* wouldn't work it in 1095 because I don't have the experience to make it sing quite the way some of the ABS journeymen do. But I've tested blades with enough smiths who use it to know that anyone who knows the steel can make anything from a big chopper to a chisel out of it.
 
I would go with 1095. I use it as my primary steel...Its all in the heat treat though...O1 is great as well I agree with Scott...The trick to almost any steel is the heat treat.

Matt
ML Knives
http://www.mlknives.com
 
1095 is a very good steel.It is reasonably tough and holds a good edge for a long time .It is also very easy to sharpen.It does not have the lateral strength of S7 but if you can find someone who forges and can differentially temper it ,it would make a very strong ,good chopper.It is my favorite steel beside 5160,L6.I like O1 in smaller blades but one day I will have to try Mister Gossman's O1 in a chopper.I herd so many good things about his knives.Take care.
 
i have tried a limited number of steels, but assuming good heat treat i think that either one will work fine for what you have in mind based on description.

i have a chopper in S7 that i have tried breaking and failed. it is only 1/8" thick x 1.75" wide x 12" long (blade, 18" overall). powerhouse of a chopper and pretty much indestructible.

i have read that 1095 is tricky to heat treat, because it is a shallow hardening steel. but in sizes used in knives this isn't really a factor unless you are dealing with ridiculously thick blades (3/4" and up). i would say if you are having it made go with whatever the maker feels most comfortable with. if you are making it go with the least complicated option to start with.

something that i like about the air hardening steels (S7, A2, etc) is that all you have to do is get them to temp and leave them there for a while, then take them out and put them in a fancy clamp ("heatsink"-though this step is not necessary) and you have your hardness. you don't have variables like different quenching mediums and different temps of quenching mediums. with liquid quenching steels you have to be more on the ball with it. with air hardening it almost does all the work for you.

of course with air hardening steels there is alot of trouble differentially tempering (i don't recall ever seeing it done), and i don't think i've ever seen a hamon on an air hardening steel, if that is a factor at all.

Edited to add-in regard to cost, S7 is kinda pricey, i want to say about double what you would pay for O1 off the top of my head. so its a little expensive. but when you consider that depending on how you buy it you can make anywhere from 1 to a dozen or more blades from one piece for the same price, its not too bad.
 
I'd go with 5160 or L6. 1095 would be ok if the blade is differentialy tempered, same with 01 however 01 is mainly a tool steel and tends toward more brittleness than 1095. In a larger blade intended for hard use you need to think about all the forces that will be acting on the blade during use
 
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