Originally Posted by Pinigis

The choice of materials is not a one-size-fits-all proposition. The properties of each alloy (yes, every variety of steel is alloy of iron, carbon, chromium, magnesium, manganese, nickel, and other elements) depend upon the makeup, the processing, strain hardening, heat treatments, etc. The material's malleability, toughness, tensile strength, and other material properties are considered when determining the "best" options for a design.