12C27 is a steel made by sandvik of sweden and was developped to make blades, i.e. razors and kitchen cutlery. Sandvik has developped a wide range of knife steels from which 12C27 has the most stain resistance. Personally i don't like it very much because i think that the edge holding ability is not sufficient. Same for ATS 34 to me. There is another steel from sandvik, 19C27, which i like a lot. It has about 13 % chrome, thus qualifies as a stainless steel, too, but it has much better edge holding qualities. The knife steels of sandvik are produced under high quality standards and with the goal to keep carbide grain size to a minimum which allows to get a fine edge.
I have an article about the sandvik blade steels written by a sandvik engineer, but it is in german. If someone is interested in it i can email it.
Achim