Japanese and other steel types
The following information was taken from the Scissor Mall Catalog.
Many stylists and groomers know to look for Japanese steel when buying shears, but most don't know that there are at least 18 Japanese steels available for shear makers to use.
Entry level quality steel - 440A
A step up in quality - 440C
Cobalt Steels - S-1, S-2, S-3
Sometimes called Hitachi steels or Silver steels, These have small and variable amounts of cobalt add to obtain certain properties like the ability to take and hold a better edge. However, to much Cobalt can lead to a harder and more brittle steel where your edge chips away instead of wearing evenly.
Super Cobalt Steels - V-1, V-2, V-3, thru V-10-G (Gold)
In addition to Cobalt, these have very small amounts of Vanadium and/or Titanium, and/or Molybdenum and/or Manganese added to increased sharpness and a longer lasting, more flexible edge.
ATS-314
This is a further tweaking of metals. Used to get a get an even higher degree of flexibility and sharpness.
Highest Quality steel - Super Gold 2
Super Gold 2 is a powder metallurgy technology that "atomizes" molten steel to form very tiny grains that are uniformly distributed in a durable tempered base material (Martensite). The resulting steel has greater flexibility, fatigue-resistance and wear-resistance than other steels. Blades have a uniform hardness and they can be sharpened and polished with ease, and will maintain their edge longer than other stainless steels.
There are other factors that affect quality and price, especially where the shear is made.
Generally in the shear industry, Japan is considered to make the highest quality shears, then Korea, then Taiwan, then China (very carefully selected factories in China.) Also, with all that being said there is some overlap in the quality of the steel based on its country of origin. Also, all other things being equal a forged shear is considered better quality than a cast shear.