154CM, which I believe is the American version of ATS-34, has worked very well for me. My knives don't get used too much, and with a few touchups stay very very sharp.
Spyderco's powdered metals are amazing. I haven't abused mine enough, but friends have put their Spydercos through hell and they stay sharp for a long time, then touch up nicely.
There is no perfect steel, it depends completely on what you intend to use the knife for. There is no way a question as vague as yours could ever be answered.
I advise you read over this link, as you will see there are many different steels:
I prefer steel over wood, copper, aluminum, and bronze. A glass blade can be amazingly sharp and durable, but subject to chipping. Rubber blades can be fun.
There is no single best alloy, even for a single application. For most applications there will be several alloys with similar performance. So in that regard, the question cannot be answered.
Also, you have to be careful when you define your terms. Steels have combinations of properties that work against each other. You optimize one at the expense of another. You asked about "most rugged". One of the most rugged alloys is 1050 carbon steel. It won't hold an edge very well, but it's tough as blazes. You have to figure out how much edge retention you are willing to give up to get that much toughness.
Best suggestion: Go with a top name brand manufacturer and let the designer choose an alloy that is suitable for the applications the knife is designed to perform.
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