ATS-34 - 154-CM
ATS-34 was the hottest high-end stainless in the 1990s. 154-CM
is the original American version, but for a long time was not
manufactured to the high quality standards knifemakers expect, so
knifemakers switched over to ATS-34. CPM is again making high-quality
154-CM, and some companies seeking to stick with American-made
products (like Microtech) are using it. ATS-34 is a Hitachi product
that is very, very similar to 154-CM. Normally hardened to around 60
Rc, it holds an edge very well and is tough enough even at that high
hardness. Not as rust resistant as the 400 series above. Many custom
makers use ATS-34, and Spyderco (in their high-end knives) and
Benchmade are among the production companies that use it.
Contrary to popular belief, both steels are manufactured through
the Argon/Oxygen/Decarburization process (AOD), not vacuum
remelted.