Indeed, they recently clarified that the "rare earth" component is just trace elements. However, what counts as a "new" composition? Like I said earlier, this looks to be in the same ballpark as 9Cr18Mov and Acuto 440 but isn't an exact match for either. I've been pretty happy with those steels on inexpensive budget knives from Civivi, Real Steel, and Kizer. I'm no metallurgist but based on those experiences, that doesn't sound like a bad starting concept for a PM budget steel.
Any idea what that tiny bit of cobalt is supposed to accomplish?