As of a few years ago, they were using 440A heat treated to 57-58Rc. They may have switched to 420HC witch is also a decent steel. All the 420HC and 440A, seem to be a good everyday steel. Holds a decent edge for a decent amount of time. It's no miracle steel, but holds up well to abuse, and is easy to re-sharpen on a pocket hone. Case true sharp, Gerber, Vitorinox and Wenger sak's, are all about the same.
The blade steel snobbery tends to get carried away in a urination contest as to what is the latest, greatest miracle since the iron age. What steel can you dress out 300 deer with and not have to sharpen. Oh wait, theres a new steel that can do 304 deer, we have to have it.
All through the 1980's, and half of the 1990's, I worked at the Watkins-Johnson company as a machinist. Most of the guys I worked with were not knife knuts like us. But they needed a knife for the job. There was bundles of 10 foot round stock to be cut free of dirt and grime impregnated tape, boxes of parts to be opened so as to be machined and modified, fiber re-enforced tape to be cut and wrapped around bundles of parts from the lathes. Since there was a Gallyans in the nieghborhood that had the Gerber LST's for 12.99, they were a popular knife in the shop. I saw them abused beyond what was resonable. Not only did they hold up to the abuse that only a non knife person can dish out, but they cut well with a touch up now and then on a Norton india stone that everyone had to touch up lathe tools. I recently bought a new LST to replace the one that took 20 years to wear out. So far I've broke down cardboard boxes for recycle, Open bags of dog food, cut alot of things, and I touch it up on a pocket hone about once a month.
For 17.95 I'm more than happy with Gerbers mystery steel. But then I don't care about urination contests. I just want a pocket knife that cuts stuff. I find Gerber mystery steel good enough for a edc knife. If it gets dull, I touch it up on the little diamond hone in my wallet. I can forgive a knife for getting dull if used a resonable amount. I'd rather have to touch up a knife than have one thats hard to sharpen or chips when pushed a bit hard, let alone break. Steel is a comromise, you have to make up your own mind which way you want it.
Like a sak, Gerber is a good steel for day to day use in the real world where you're opening mail, UPS boxes, plastic blister packages, and mundane stuff like that. For wholesale zombi warfare, or fighting off 250 pound crack addicts that look like Conan the barbarian, maybe something elso would do.
