I've kinda wondered about this myself. I know wikipedia isn't exactly the best source of empirical information, but it says steel is iron with .2-2.1% carbon. H1 has .15% carbon, which is slightly less than the supposed .2% minimum. Then again, 1018 steel (according to AISI - the American Iron and Steel Institute) has .15-.2% carbon, and is usually referred to as "mild steel". Certainly not knife-making steel. Spyderco's website says nitrogen is "Used in place of carbon for the steel matrix. The Nitrogen atom will function in a similar manner to the carbon atom but offers unusual advantages in corrosion resistance." IIRC, making steel with nitrogen usually isn't possible, but H1 is made in a vacuum, which allows it to be possible.
Maybe H1 doesn't fall within the classic definition of steel, but that's probably only because classically they never used nitrogen in place of carbon before. That, and there's really nothing else you can call H1 (being mostly iron, after all), other than qualifying it steel utilizing nitrogen instead of carbon. It's an amazing new world we live in, and I wouldn't be surprised if vacuum-made nitrogen-based steels are the wave of the future.