For those who wish to avoid another opinionated rant (in blue) please avoid the following and proceed to the bottom of this post:
Once again, this nonsense of any scrap steel necessarily being a particular alloy due to the item it was comes from complete misinterpretation by reading certain charts backwards. Those charts being the ones always listed by some knifemakers as saying things like:
L6= saw blades, blanking dies, metal slitters, shear blades, punches / O1= Bushings, punches, paper knives, taps, reamers / W2= Blanking tools, cold chisels, rivet sets, lathe tools.
These charts are listed in just about every basic metallurgy textbook, are being read backwards by most knifemakers, and are no more a guarantee that any item is a particular alloy than one can guarantee that every custom knife is the same steel.
Those charts explain the kind of uses that were considered when developing alloys to perform specific types of tasks and are simply examples of those tasks, a manufacturer can and will use whatever steel they see fit at the time with a whole range of other reasons aside from the alloy intended uses, heck once again look at knifemakers and why they choose the steels they do.
For what it is worth I have yet to work with a chunk of saw blade that behaved like real L6 myself, not to say that it isn't out there but it is very safe to say that saw blades can be made of almost anything.
In another thread there was a bit of a debate whether to use scrap steel or not, I won't rehash that tired topic again, but I would like to point out that one serious drawback to scrap steel is the frustration for folks like Mr. blackgrub0331 and the guys who really want to help him out, but how can we recommend a heat treating method when we don't know what we are heat treating? The internet forums are filled with threads on treating mystery steel that go on and on with dozens of best guesses, while threads where a known alloy is given only take a couple of posts to list the exact heat treatment.
I would, however, like to say that Mr. blackgrub0331 did it the right way, he started out making it clear that it was a saw blade. In forum conversations and private e-mails I have had an irritating amount of time wasted by guys who I wanted to help with heat treating a given steel, lets say L6. I am told I am helping with L6 and we go back and forth for some time with different methods to which this steel doesn't seem to want to respond. Finally, after every possibility has been explored, I will ask where they bought the steel, and it is only then I am informed, after being told it WAS L6, that it is actually saw blade mystery steel. I really don't think I am out of line in finding this a bit inconsiderate, and is the reason I am so draconian about known chemistry on the forum I moderate.
This may get under the skin of some sensitive recyclers, but tell me what is false about it?
Now so as not to hijack Mr. Mr. blackgrub0331's sincere request for information I am going to break one of my personal rules of not getting involved in recommendations for mystery steels, I at least owe him that for using his thread for my release of pressurized hot air.
Mr. blackgrub0331, I would take a sample of the blade and heat it to well above critical and allow it to air cool. If it is then soft and able to be cut with a file, simply use traditional annealing methods (heat to critical and insulate in wood ashes etc...). If the steel is hard from air cooling, you could very well have L6, or at least an alloy that would require similar annealing techniques. in which case you will want to go spheroidal. If you can get access to an oven that will allow complete spheroidizing (one with ramping features) heat to 1375F and hold for some time before cooling no more than 50F per hour until you get below 900F. If all you have is simple tools an acceptable spheroidal structure may be had by heating it to dull red multiple times without ever allowing it to lose magnetism. If it is L6 the spheroidal annealing is almost a must in order to drill or other machining operations, it will also be easier on your belts.