To see for myself, I picked up an Outdoorsman Lite in 4034 at my local Turner's for $30. This one was fairly sharp and had an even edge very close to 20 dps except near the tip. Thickness is about 0.035" behind the edge. Stock is 0.156". The pommel and guard are some kind of hard plastic instead of steel, but the full tang is exposed and the Kraton handle is grippy and comfortable.
Because it was already at 20 dps, it was easy to put a edge on it with a Sharpmaker. My first surprise is I was able to get it to push cut computer paper at right angles. This is very sharp indeed. I've never gotten a cheap kitchen knife this sharp. It feels smooth and sticky like AUS8, not toothy like S30V. Next I wittled Douglas fir with it and checked the edge holding. After about 50 chips it struggles to push cut. But so do any of my other knives.
Next I tried a little chopping. It's too small and light for good chopping, but it didn't chip. Still slicing paper nicely but not push cutting.
I need to do more testing. Right now I am very confused. In a blind test I would never identify it as a liner steel. I would see it is a low carbide steel, but not necessarily a bad steel. I seriously doubt this has the ingredients listed for Krupp 4034. According to them, 4034 is a medium carbon stainless with nothing else except 1% Mn. There's no listing for Japanese 4034. BTW, it didn't feel particularly soft against a diamond sharpener. I don't get it.
Separately, the Outdoorsman Lite is a fantastic knife for $20-30. The knife itself is beautiful in design and function. The sheath is a cheap hard plastic molding, but its a perfect protector for tossing in a toolbox or trunk.
I'm going to get bombed for this I know, but right now I would gladly buy any classic knife in this 4034 if the price was right. I'd prefer the upscale handles and sheath because there's so much price room if pricing is like the Outdoorsman.