Alloy steel is any type of steel to which one or more elements besides carbon have been intentionally added, to produce a desired physical property or characteristic. Common elements that are added to make alloy steel are molybdenum, manganese, nickel, silicon, boron, chromium, and vanadium.

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Alloy steel is often subdivided into two groups: high alloy steels and low alloy steels. Most agree that any steel that is alloyed with more than eight percent of its weight being other elements beside iron and carbon, is high alloy steel. The physical properties of these steels are modified by the other elements, to give them greater hardness, durability, corrosion resistance, or toughness as compared to carbon steel. To achieve such properties, these alloys often require heat treatment.

The most well-known alloy steel is stainless steel. This is a steel alloy with a minimum of 10% chromium content.