Well you have a choice between a test made by Knives Illustrated or Blade, mid to late 90s... I'm sorry but I can't be more specific than that: Given the wide distribution of these magazines, am I really the only one to remember the most rigorous cutlery steel test ever made by a knife magazine? Not to mention one that made 440C the winner, by a huge margin, over D2, ATS34, 154CM, the two early CPMs, and INFI?
Curiously, I do remember the article made no fuss at all about 440C's overwhelming edge-holding superiority: They just presented their findings quite flatly: I remember feeling that bit was borderline bizarre...
I do think 440C did generally beat D2 in that test (but I vaguely remember D2 being one of the few close contenders)... I'll freely admit D2 has more wear resistance, since it is used in die tools and some saws: It has after all the highest carbon content of most steels... Maybe die-tool wear resistance is not the be all end all of a fine cutting edge? 440C was generally the best edge-holder in most materials (I remember its superiority on the manilla rope cutting test being especially crushing), but there may have been a few materials were D2, or another steel, ranked ahead (by a much smaller margin than 440C beat them on other materials: At least 40-50% + on the manilla rope)...: I remember myself being mainly focussed on the beating ATS34 (still a bit in vogue back then) and even INFI were taking on most materials... The test was very comprehensive, yet the "conclusion" part seemed to have been very, very discrete for some reason...
It is a fact that more chrome, up to a point, increases edge-holding and wear-resistance: That is the scientific reality: In that context, how can you take seriously a ranking that puts 440C near the bottom? This is just laughable: 440C is one of THE standards of the steel industry (if not quite as widely used or as old as D2), and is apparently the one standard steel to which all other high wear stainless steels are compared: It has never been replaced for many industrial applications... There is no way properly heat-treated 440C is near the bottom, unless all the other cutlery steels somehow had much higher chrome or carbon percentages: Fat chance of that...
The rankings by Ankerson are totally meaningless for comparison purposes for another, far more important reason: None of the knives in Ankerson's tests were specifically made for the tests... In fact, not only are these just factory blades, with all the laughable tolerances this implies, but they are not even identical knives to begin with...
Not only are they not identical knives, they are listed as not having the same blade thickness at the top of the edge bevel (!!!)...
Do you really want to give credence to such a large potential for errors, when out there exists a test where all the blades were completely identical, made specifically for the test by a reputed custom maker? This test controlled not only the blade shape, bevel angle and thickness, but also the bevel's grit surface finish, heat-treating and cutting pressure, this accross a wide range of materials and uses... Which test do you think is the more scientific one: One that uses off-the shelf factory blades, or one that uses dozens of identical generic blades made in different steels specifically for the test?
Until we see this kind of effort, now you know the standard I consider minimal for a steel cutting test comparison to be treated seriously: All the blades must be identical, and made to high tolerances specifically for the test, with the purpose of providing an accurate comparisons for steel cutting performance.
Otherwise it is not a steel comparison test: It is a knife comparison test...
Since we already have such a test made (and apparently one that is forgotten by everyone here with an Internet-era memory), why pay any attention to later tests that introduce all kinds of unnecessary variables?
Mind you, the variables are fine if you want to compare knives: They are totally useless for forming an opinion about steel...
As to why 440C is still a superior steel, easily the near-equal (and probably better) to anything that has come since, why not listen to what Jay Fisher has to say about it?:
" As detailed in the Machinery's Handbook: "This steel has the greatest quenched hardness and wear resistance upon heat treatment of any corrosion-resistant or heat-resistant steel."
"There are new alloys all the time, and you'll see one thing in common with all of them: They compare their subjective performance details to one steel in particular. This one steel that is the benchmark for all comparisons of new stainless and wear-resistant alloy steels is (surprise) 440C."
Jay Fisher does praise D2's edge-holding as being something unbeatable, but that is still only theory largely based on how hard it is to sharpen...: He describes ATS34 as being especially tough, but that has not been most people's experience with it... In any case, he speculates that 440C's poor reputation may be due to its finicky and unforgiving heat treatment, which can produce a wide variety of results; Another reason that makes tests of off-the-shelf knives utterly useless for forming an opinion about a specific steel rather than a specific knife...
Note I claim no great knowledge of all the newer steels to have come since then, but none of them have dominated the tool industry and replaced all the older steels, so I'll stick with this: Make a rigorous test of these newer steels, and they will be included as a useful reference to make a purchasing decision...
A rigorous steel test means, at the minimum, identical generic blades, custom-made specifically for the test, using the steel manufacturer's heat-treating procedures, period. Then rigorous consistency controls at every subsequent level of the test (like cutting motion, motion angle, force, material consistency etc). Anything else is nice to hear about, but is not to be considered relevant for an opinion about a steel, instead of just a knife...
Until that happens I'll pick 440C as my first choice, and in fact probably the only reasonable choice for a large using knife. I buy mostly Randalls nowadays, strictly because they have the thinnest fixed blade V-edge bevels -0.5 mm- combined with hollow grinds (I don't care so much about their finish quality), but I'll note they also have come to the same conclusion: Their 440B is said to be often in between 440B and C in carbon content, and is in fact sometimes 440C in all but name... And in a concrete chopping test against INFI, Randall's 440B didn't exactly come out second best... Yes I know, different knives, but nice to know for a seventh rate steel right?...
Gaston