Pretty much the same steel as in several Buck and Spyderco knives, and we all know how bad THOSE are...
The knives this thread about are made of 3Cr13, which is like 420J2, which Buck and Spyderco use only in their cheapest, junk knives. Spyderco, for instance has one knife that has an MSRP of $9.95 with this steel. No one who knows anything about cutlery steels should be buying the worst, crummiest Bucks or Spydercos, either.
Those are great companies, but they do make some low grade stuff sometimes that YOU and I should know better than to buy. This idea that Buck would never put out a knife with crummy steel because they are Buck is absurd.