From what I once researched on the internet, I think "made in usa" means the knife is actually made into a knife in USA. So no, even if the steel is made in USA and cut, heat treated in USA, the knife would not be "made in USA". It would just be piece of steel shaped like a knife. (For example, if York Barbell uses steel that is made in USA but makes the steel into a barbell in Canada, then it's made in Canada.)
I'm sure that some unethical companies may make use of semantics to twist the meaning for false advertising purposes, but hopefully CS will never do that. Ethics in business are very important. Everyone should be using the same definitions, otherwise, it turns into chaos for the consumer.