My understanding is that Crucible developed 154CM for aircraft jet engines in the 1970's,,,,,,Bob Loveless and others discovered it was a great knife steel and it became popular with the custom makers.
Crucible discontinued 154CM due to alloy changes in the jet engine designs. Bob Loveless approached the Hitachi Steel sales dept in CA and convinced them into making a heat (large ladel of steel) with the 154CM chemical composition. At that time Hitachi gave its product a new designation of ATS-34.
About 10-12 years ago, with laser cutting equipment development and lower prices, the mass production factories could now economically use ATS-34 (Benchmade was a leader in that area) and the steel became popular with higher priced factory knives.
Crucible Steel saw the market improve demand for small heats of specialty steels and re-introduced their old alloy 154CM and it is now available from a USA steel mill.
The alloys are identical,,,,,any performance comparisons are due to individual heat treatment processes. Some will speculate the new 154CM is cleaner (less impurities, etc) ,,,,only a metallurgy lab with mass spectrograph equipment could determine that statement.