I am not an expert by any means, but googled and found this.
Metallurgical Factors Affecting Transition Temperature
Changes in transition temperature of over 55=B0C (100=B0F) can be produced by changes in the chemical composition or microstructure of mild steel. The largest changes in transition temperature result from changes in the amount of carbon and manganese. This transition temperature is lowered about 5.5=B0C (10=B0F) for each increase of 0.1 percent manganese. Increasing the carbon content also has a pronounced effect on the maximum energy and the shape of the energy transition-tempera lure curves.
The Mn/C ratio should be at least 3/1 for satisfactory notch toughness. A maximum decrease of about 55=B0C (100=B0F) in transition temperature appears possible by going to higher Mn/C ratios.
Note this article is talking Manganese not Moly to lower the transition temperature. Also note if you do some googling that the transition temperature for mild steel is much higher than -40 F. One of the causes of the Titanic disaster was that the rivets were made of steel which failed at approximently plus 32 degrees F . Not minus 32 F. Similar failure occurred during WWII.
The high strength Kryptonite bike lock will shatter when cooled with a can of stuff used for cooling electronics ( troubleshooting ) and hit with a hammer.
You can make a alloy with a lot of manganese which has high wear qualities. I think it is also high strength, so I don't think that adding too much manganese is a problem.
Dan