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Here's one stamped on the reverse of the shank:

made in england
ground in hamburg

http://straightrazorpalace.com/razor-clubs/22245-cream-kropp.html#post1281668

Yeah, that's how I'd parse it, especially with it being on the blade where the decoration goes instead of on the shank where all the legally required stuff is, and with "German" in quotations.
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Martin is it on the back side? I don't see the 'ground in germany', just "german" hollow ground on the blade.

I haven't seen 'German steel' as being advertised. Swedish and English, yes, or various processes and compositions 'cast steel', 'india steel', 'bessemer', 'silver', 'stainless'...

The country of...

I think you may be confusing it with 'German Grind', or 'Hamburg Grind', which indicates hollow grind like in the german razors, rather than 'ground in Germany' which think would disqualify the razor...