It depends what you want to do with it. If you plan on using it for hard use I would worry about the tip, it's very thin and pointy if you want something a little more robust you should consider the Manix 2. S30, S35, S110, M390 are all steels that are available that do not rust. these are all available in the PM2 model. I'm not quite sure what SavageSick was referring too, There are a few steel's that the Para2 come in but you don't need to look at those such as M4 52100. If you are looking for a knife that is similar in design to the Grip you should look at the Gayle Bradley 2. The only problem with that one is the blade is M4 and will rust if you don't care for it.
I have 7 different Para 2's and I only carry the S30, S35 and the S110. The S110 is a bastard to polish but holds the edge for a long time.