D-2
D-2 is sometimes called a "semi-stainless". It has a fairly high
chrome content (12%), but not high enough to classify it as stainless.
It is more stain resistant than the carbon steels mentioned above,
however. It has excellent wear resistance. D-2 is much tougher than the
premium stainless steels like ATS-34, but not as tough as many of
the other non-stainless steels mentioned here. The combination of great
wear resistance, almost-stainlessness, and good toughness make it a great
choice for a number of knife styles. Bob Dozier is one maker who uses
D-2. Benchmade has begun using D-2 in its Axis AFCK.
M-2
A "high-speed steel", it can hold its temper even at very high
temperatures, and as such is used in industry for high-heat cutting
jobs. It is slightly tougher, and is slightly more wear resistant, than D-2.
However, M-2 rusts easily. Benchmade has started using M-2 in one
of their AFCK 710 variations.
A-2
An excellent air-hardening tool steel, it is tougher than D-2 and M-2,
with good wear resistance . As an air-hardening
steel, don't expect it to be differentially tempered. Its
good toughness makes it a frequent choice for combat knives.
Chris Reeve and Phil Hartsfield both use A-2.