I have a Westmark 702 that I have used hard since I bought it in a PX in 1977. It is one of my most cherished knives. I've never found another fixed blade that feels as good in the hand as it does. Whether cutting heavy ropes on towboats/barges or field dressing and skinning hundreds of deer, it has always served me well.
I too have wondered about the steel. I recall from the (long-since lost) literature that came with the knife that the steel was touted as being something special. I have seen opinions that it is 440C, but I haven't seen anything definitive.
I'm new to this forum and I certainly haven't begun to explore all the information herein, but there seems to be quite a bit written about the technical specifications of knives, and very little about the aesthetics of actually using them for their intended purpose. I'm a die-hard hunter and love everything about the pursuit of wild game, but near the top of my list of things I love about hunting is the simple pleasure of using a well-designed, super sharp knife for processing game... regardless of what the technical specs say.