420HC steel is a high-carbon stainless steel that is specifically designed for knife blades. It offers good edge retention, toughness, and corrosion resistance, as well as being relatively easy to sharpen. While it may not be considered a premium steel, it is still a high-quality material and is ideally suited for an everyday working blade on a multi-tool. Because it’s cost-effective, easy to produce, and performs well all-around, it is the most common steel type found on Leatherman multi-tools.