"Cheap" steel?

I think the days of known steels might be over as an absolute. There are likely niche manufacturer of certain products that still follown the recipe that has not failed them. But with increased overseas production to save a few dimes, US companies have likely been talked into different materials to realize these wanted savings. Does Macy's test the steel in the 15 piece knife set that they sell for $30? One thing that has been noted in the reviews of certain knife sets that are in this price point is that they rust while you are eating dinner. Reviewers have stated that they didn't have this problem with previous knife blocks. Now this is not with wusthof, shun, Henckels etc.
 
Older scrap steels may be usable, but based off of what I know-most of the modern stuff is only case hardened. My first knife was made from a lawnmower blade with what I would consider acceptable results (no chipping, rolling, edge so far seems to be holding decently, etc)-but I have no idea what steel it is and working with steel that's already hardened just isn't worth the time or effort. You'll be much better off with barstock.
 
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