I wrote an email to tops about the scalpel some time ago, and got the answer that the knife steel had indeed been changed to "surgical stainless steel". (I thought it was a typing error). That term usually is used for cheap 420J2, to fool non knife nuts into believing that the steel is of high quality (well it's SURGICAL, must be good huh? Y'know, doctors and expensive medical equipment and all...)
Glad to hear it's 440C, which is not all too bad. Still, using mainly 1095 was what set TOPS apart from other manufacturers, imho. With the old steel, it was a production neck knife made from 1095. I liked that (stainless is the evil!). Now it's just another stainless knife like countless others. IMHO, YMMV, etc...