The Future of American Knife Steel: Updates on Crucible Bankruptcy, MagnaCut, 15V Spydercos

The knife world has been buzzing with concern and rumors ever since Crucible Industries declared bankruptcy. Crucible-made steels like MagnaCut, S90V, CruWear, and 15V are hugely popular and fundamental to many knives. With all this uncertainty, we want to set the record straight and help everyone understand what comes next for premium knife steels and the knives we use every day.

Let’s break down where Crucible stands now, how it impacts the availability of high-end steels, and what options brands that use these steels have for the future.

Crucible’s Bankruptcy: What Happened?

Crucible Industries, based in Syracuse, New York, played a key role in making premium steels for knives. Their specialty powder metallurgy (CPM, short for Crucible Power Metallurgy) steels are found in many of today’s popular models. When Crucible entered bankruptcy, it sparked a lot of questions. Would companies that rely on those steels be left stranded? Could knives like Spyderco’s popular exclusives disappear?

Here’s what changed:

• Crucible was acquired by Erasteel, a French company, through a final auction.
• Erasteel purchased Crucible’s intellectual property and assets, but did not acquire or did not continue operations at the Syracuse factory. Either way, production in New York stopped.

So what does that mean for us knife enthusiasts? Luckily, most specialty steels are still being made, just with a different production chain. While the building in New York is no longer melting steel, the process continues largely as before—just across a few different borders.

How Specialty Knife Steels Are Being Made Now

Even though the familiar Crucible factory is out of the picture, production hasn’t disappeared. Instead, it’s shifted internationally. Here’s how it works today:

1. Raw powder material for these steels comes from a supplier in Sweden (just as it did before).
2. That powder goes to the new facility in France, now run by Erasteel. There, it gets turned into raw steel.
3. The steel is then shipped to Niagara Specialty Metals in New York. Niagara is a longtime player that takes the steel and transforms it into sheets and bars sized for knife makers.

So, most specialty CPM steels like S90V, CruWear, and the sought-after MagnaCut are still available in the market, and the processing steps ensure that they are just as high-quality as before. Niagara handled the final rolling and flattening processes even before the bankruptcy, and they continue to play that key role.

Key takeaway: The premium steels we know and love aren’t going away, even if the path from raw material to finished product takes a wider detour through Europe.

Steel Availability: Risks and New Possibilities

When news first hit, there was worry that popular steels would start to disappear. But, so far, steel availability has not only been steady—it’s even diversified in some ways.

• MagnaCut remains in production. Testing by Niagara confirms the steel matches its previous quality.
• Spyderco and other brands keep getting S90V, CruWear, and newer steels.
• New steel variants may appear thanks to demand for premium steel alternatives and companies like Carpenter Steel working alongside Niagara.

A Note About CPM vs Non-CPM Labeling

Some brands label MagnaCut and similar steels as “CPM MagnaCut,” referring to the Crucible Powder Metallurgy process. After the bankruptcy and international move, some labels may lose the “CPM,” but the steel itself is made the same way and should meet the same specifications. For most of us, this change won’t impact quality or performance, just the stamp on the blade.

What About U.S. Sourcing?

Even now, the raw powder used by both European and U.S. steelmakers starts in Sweden. So, whether we buy steel marked as “U.S. made” or not, the supply chain remains international. Carpenter, another big U.S. steel producer, still relies on this Swedish powder to create their knife steels.

This interconnected supply chain keeps the market steady, but also means there’s no way to fully “buy American” at every stage. For most buyers and brands, this is a technicality, not a real-world problem.

New Steels from Carpenter and Niagara: More Options for Knives

With the market shifting, Niagara has teamed up with Carpenter to develop alternatives to some Crucible steels:

• NSM 90 PM: Carpenter’s answer to S90V.
• NSM Wear: Carpenter’s version of CruWear.

These options look promising for brands like Spyderco, who thrive on exclusive releases and steel variants. In fact, expanded steel options may even lead to more sprint runs and unique models for collectors and everyday users alike.

The Uncertain Future of 15V: Is This the End?

While most specialty steels remain safe, CPM 15V faces extinction. Here’s why:

• Crucible’s New York factory had the only furnaces hot enough to make CPM 15V, at least for knife-grade steel.
• With that facility closed, once existing supplies run out, there’s no way to make more, unless another company upgrades their equipment, which is a major investment.
• Spyderco’s 15V models will be the last for the foreseeable future. No one knows exactly how much is stockpiled, but once those knives are finished, the steel will almost certainly be finished, too.

What Made 15V Special?

CPM 15V stood out because it combined extremely high edge retention with better sharpening properties than other ultra-hard steels like Maxamet. While 15V isn’t the easiest steel to sharpen, it strikes a unique balance between performance and workability.

For now, collectors and users should grab 15V knives while they last. Unfortunately, those brown-handled Spydercos will soon be a thing of the past.

Is There Any Hope for 15V’s Return?

If another steel maker upgrades their equipment, 15V might come back. But until then, we’re working from existing stock, and it could be years before we see it again—if ever.

What’s Next for Knife Lovers?

• MagnaCut, S90V, and most other CPM steels are going strong.
• Steel buyers may ultimately have new choices. Niagara and Carpenter aim to keep supply steady and create competition.
• We should expect some lower-demand specialty steels may eventually disappear once supplies dry up, simply because it doesn’t make sense to keep producing them if no one is ordering.

If you want to buy a 15V knife, do it soon.

Closing Thoughts: What Should Knife Fans and Collectors Do?

Steel supplies are in a better place than anyone expected after the Crucible drama. Our favorites like MagnaCut still roll out, and brands like Spyderco have more choices popping up. But some rare steels may fade away.

If you have your eye on a 15V model, this could be your last chance for a long while. For everything else, keep collecting and using with confidence—most steels aren’t going anywhere.