Whatever the alloy may be, you can't know now unless you have a chemical analysis done. Any steel (or other alloy) is available as FGS if you know wherre to look. The fact that it's magnetic tells us it can probably be hardened and nothing else. There may be a color code painted on one end or not...it may be stainless or not....it may be a tool steel or a powder-metallurgy special application alloy. I agree with whoever it was that said to put it off to the side for something special. Sacrifice some to heat treat and see what happens- my interest is primarily tool steels and cutting things and you'd be floored to learn what some steels are capable of, let alone what it takes to properly heat treat them. Of course, it could be one of the cobalt alloys that doesn't need heat treatment. If whacking it with a hammer dents it, it probably is not cobalt. If it is cobalt do NOT try to cut it because you'll end up needing to replace your equipment. And this is a helluva lot more than I figured on writing when I started. Brian