Niagara will help fill the shoes of an industry icon.

The recent demise of Crucible Industries LLC not only marked the end of a celebrated name in the manufacture of blade steels, it denoted the dawn of a new age—not only for the steels famously known by their CPM prefix, but other premium blade materials as well.

Used by Crucible and short for Crucible Particle Metallurgy*, CPM prefixed such Crucible steels as CPM S30V, CPM S35VN, CPM MagnaCut—today’s hottest CPM variant—and others among some of the most-used blade materials since Chris Reeve Knives popularized S30V on Reeve knives beginning in 2004-2005. S30V, in fact, was the first modern steel manufactured specifically for knife use. All other manufactured steels used in blades were originally made for purposes other than knives.

Crucible closed its doors earlier this year and sold most, if not all, of its assets at auction in February. So what happens to all those wonderful steels that both the factory and custom knife industries use in mass quantities?

According to Bob Shabala of Niagara Specialty Metals (NSM), NSM will do its part to have/supply most, if not all, of them, as well as other up-and-coming steels, to the custom and factory knife industries.

Opined Scott Devanna of steel service center SB Specialty Metals, “The majority of steel sheet in the U.S. comes out of Niagara. They’re the only [domestic mill] that can make it right now. It’s been that way for the last 25 years. They’re the only game in town.”

Erasteel And The Name Game

Erasteel, with state-of-the-art steel mills in France and Sweden, is owned by Syntagma Capital, a private equity group based in Brussels, Belgium. Erasteel acquired a part of the assets of the old Crucible Industries during the February auction, including working capital, steelmaking equipment and, perhaps most importantly, the trademarks for all the CPM steel names. A manufacturer and supplier of steels not only to the knife community but also the aerospace and other hi-tech industries, NSM had worked with Erasteel before the auction, processing millions of pounds of the Swedish mill’s steel for industrial applications.

“We’d been doing that for several years,” Shabala noted, “so we know the quality of their steel is good.”

Together with Crucible, Erasteel is the pioneer in gas-atomized metal powders and started with the process in 1969. Today, it has the largest installed capacity in the world to produce metal powders, with two large atomizers built and designed by Erasteel.

Shabala said NSM officials understood their knife customers wanted the assorted CPM steels to keep the old names to avoid confusion among knife-buying consumers.

“They didn’t want to change the names and have to educate consumers on what the new names would be and how they related to the legacy Crucible names,” he explained.

Meanwhile, the two companies reached an agreement where if NSM buys the steels exclusively from Erasteel, NSM can use the original names too, including S30V, S35VN, S45VN, MagnaCut, S110V, 3V and CPM 154. NSM and its customers can still use the full designation of CPM S30V, CPM S35VN and so on, though the customers can omit the CPM if they so choose.

“The reason we’re keeping the CPM 154 name is because everybody knows that it’s the powder metallurgy version of 154CM, so we want to keep that designation alive so people will know what’s going on there,” Shabala noted.

There will be a couple of exceptions. The steels formerly known as CPM Cruwear and CPM S90V will be renamed NSMwear and NSM 90PM, respectively.

“Erasteel already had an agreement with another distributor to buy Cruwear exclusively, so we worked out a deal with them where we can buy the steel, we just can’t use the name,” Shabala explained. “It’s on us to educate people and let them know they can still get CPM Cruwear, it’s just a different name.”

As for CPM S90V, NSM already had Carpenter Technology’s version of it in stock and wanted to rebrand it so that it’s not sole-sourced to one mill. By renaming it NSM 90PM, “hopefully people will understand that it’s coming from us,” Bob said.

Steel Tariffs

Concerning steel supplies in stock, Shabala indicated NSM officials had been aware of Crucible’s coming demise, and in January 2024 began ramping up purchases to build inventory for any future supply disruptions.

“We started placing orders with Carpenter and Erasteel in September 2024, though not knowing Erasteel would be the eventual owner of the CPM trademarks,” Shabala noted. “The steel we bought in September is starting to arrive. There will be some disruptions in MagnaCut and CPM 154, but everything else we still have a decent amount of and there should be no disruptions.”

In case you hadn’t heard, President Trump has instituted tariffs on most countries, including France and Sweden. At press time, the European tariff was 25 percent.

“Everything we buy from Erasteel as it stands right now is subject to a 25 percent tariff,” Shabala said. “Even the steel we buy from Carpenter, the powder for it is atomized in Sweden, so that’s subject to at least a 10 percent tariff.”

Another concern is whether knife companies can continue to mark their knives built with NSM steel “Made in the U.S.A.” Bob said he is up front with his customers, telling them that Erasteel will be supplying a “good chunk of our CPM alloys,” though it’s all hot rolled at NSM.

The question becomes if the raw materials are imported but don’t officially become a steel until they’re hot isostatic pressed, does that make the steel American made or imported? He indicated it will be up to his customers’ lawyers to hash out what the customers can and can’t do concerning U.S.A. markings on their knives.

NSM Innovaions

What’s on the horizon at NSM? One thing is a new grade developed by steel guru Larrin Thomas. Called Magnamax, it won’t be widely available until the end of the year. Since NSM has both patented and trademarked Magnamax, it can have it made by any mill it wants, and had it on order with both Erasteel and Carpenter at press time.

Meanwhile, along with Erasteel, Bob had high praise for the steel being made by Carpenter.

“We’re getting powder now that is atomized in a vacuum furnace. It’s a step forward in quality. We hardly ever had an issue with any CPM product from Crucible,” he qualified, “but I think Erasteel’s and Carpenter’s steel has a finer grain size. It’s a little microscopically cleaner than what we were getting before, so it really is an opportunity to provide a better product.”

As Shabala noted, Carpenter has made lots of cutlery steel, and NSM has processed a huge amount of it, hot rolling it into sheets and sending it back to Carpenter’s warehouse for sale to various customers. One of Carpenter’s best-known steels is CTS XHP stainless.

“It’s a grade that customers really like,” Shabala said, adding that NSM had over 20 tons of it and was in the process of preparing to make a big marketing push on it at press time.

Having steel manufactured in the USA remains a big selling point with many of NSM’s customers, so the company remains on the lookout for new melt sources, one of which is Prime Metals & Alloys (PMA) of Homer City, Pennsylvania. A manufacturer and supplier of a wide range of steels for assorted hi-tech and other uses, PMA was in the process of making steel for NSM at press time, which Shabala seemed to think holds great promise.

“We should receive it in a couple of months, but if it works out it’s going to be an ESR version of stainless steel that we’ve always supplied, so it should be a noticeably better product than what our customers were used to before,” he said. “It’s really a good find for us to be able to get a higher-quality steel with a shorter lead time, so we’re really excited about that.”

ESR stands for Electro-Slag Remelting, a process that results in a very clean steel devoid of contaminants.

“In a traditional melting process, you heat the steel up, get it in a molten state, pour it in an ingot and that’s it,” and later forge and finish it out, he explained. “With ESR you take that ingot and you remelt it again and all the slag and contaminants float to the top, and they’re skimmed off. What remains in the new ingot is a cleaner version of the original.”

Shabala added that two different grades of NSM stainless steels that had always been air melted will now be ESR melted.

NSM’s Role

People often misunderstand a company’s role in any endeavor, and Shabala said that seems to be the case with NSM.

“Larrin Thomas was concerned that people had the misconception that NSM is just a distributor, that we just got sheets from Crucible and resold them,” he observed. “He said we should emphasize the fact that we’re a lot more than a distributor, we’re a manufacturer, we buy slabs of steel, we process it into the final dimensions and ship it. Cutlery is a big part of what we do. We do a lot with the aerospace industry, so we know a lot about quality standards.”

NSM is 100 percent employee-owned, so all 41 employees in its mill in Akron, New York, just outside Buffalo, own a piece of the company.

“Everyone here has a vested interest in ensuring that we’re successful and doing everything we can to put out a good product,” Shabala said.

A last point of emphasis Bob made was that just because Crucible went out of business doesn’t mean NSM is going out of business—in fact, far from it.

“We’re very financially sound. We just put out a $7 million upgrade in our sheet mill, we’re rolling out finished product, it’s the biggest expansion we’ve ever done and we’re getting ready to expand our grinding and laser-cutting capability,” he noted. “We’re really, really in good shape.”

*Editor’s Note: For more on the particle metallurgy process, visit Knife Steel Nerd’s post on powder metallurgy.

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