Who knows, I don't know of any razor manufacturer that has given the specifications of the steel or the heat treatment process they use. You may see some of the custom makers use a generic tool steel alloy like say O1, or something more specialized but no big producer gives specs on their steel. TI makes a big deal of unique steel they are using, but apart from the marketing fluff the only factual thing they've said is that it has a 1.35% carbon content (I don't remember if there is even the tolerance, it may be specified as 1.1% to 1.35%, but they advertise it as carbonsong and c135).

You can find even the rare Zee-pk or Kriegar razor shaped object that can be made to shave, but that doesn't mean they aren't 99.999% of the time a piece of junk.

Is a brand that produces good razors 1% or 10% of the time a good brand worth buying? I think everybody gets to decide for themselves.