154CM is a variation on the famous 440C blade steel. 440C is the most common stainless steel in production knives and tons of other industrial applications. Crucible was one of the American steel companies that worked to improve the performance of 440c.
The main element that they added to the steel was Molybdenum, which helps to improve hardenability, tensile strength, and corrosion resistance of the steel. Even though they reduced the Chromium from 17.5% to 14%, 154CM is considered much more corrosion resistant.
I like 154CM so much because you can get it hard to hold an edge, but not so hard you need diamond stones to sharpen the blade. I like the increased properties of 154CM over a lot of the competitors steels. It can be sharpened easily, it doesn’t stain very easily, and is easier to work with than some of the powdered metal steels.
I feel it gives the user some of the best attributes, while maintaining its ability to be easily to maintain the edge.