In today's rapidly developing industrial era, the importance of alloy steel as an important raw material for high-end manufacturing is self-evident. From aerospace to automotive manufacturing, from machining to energy development, alloy steel is used everywhere. However, this seemingly traditional industry has undergone tremendous changes in recent years. This article will delve into the latest developments in the alloy steel industry, especially the rise and changes of several special steel giants, and reveal the latest trends and development prospects in this field.