What is a substitute for tamahagane?

I'm curious, could you explain what a suitable substitute for tamahagane might be? I understand that tamahagane is a traditional Japanese steel known for its unique qualities, but I'm interested in finding out about alternative materials that could potentially serve a similar purpose or offer comparable benefits. Is there a modern steel alloy or another type of metal that could be considered a viable substitute for tamahagane, and if so, what are the key factors to consider when making such a substitution?