That's the word on the street,and i can't very well argue with this...
But:
I have a broken Estwing(not uncommon around here,they really don't stand up to real use,long story,nevermind,i don't want to provoke Estwing lovers..

...)
Anyway,i use it as a hot-cut.Out of curiosity i've done some Terrible things with it.Once i cut a nearly 2x4 section of steel with it,driving it with a commesurate force with a sledge,naturally.
I tell Thee,it's not like any 1050 that i ever banged on...The stuff remains hard even in a pretty damn bright red range..And we all know how thin that section of edge is.Eventually it started upsetting,but just barely...I dunno about it being any low-alloyed steel...