It's not new. It's a high purity Swedish stainless, said to have originated as a razor steel. It's common in some of the scandinavian knives. Normark for example has some. The alloy is "simple" with .6%-.7% carbon, .35%-.38% manganese, and 13.5%-14.0% chromium. Something in the purity and heat treatment makes this a very sharp steel. Often it isn't as hard as some other alloys. This may relate to how it is often used. The mora style knives often have no secondary sharpening bevel. When you sharpen them you work on the entire tapered part of the blade. It would be awfully hard to do that with a really hard steel. I think of this steel as being a step up from the alloy in Buck knives (420HC) and Swiss Army Knives. You just need it hardened appropriately for your application.