I think the steel in my knife is pretty good. I have a pretty sharp edge and have been chopping on a 10" oak log and have not rolled the edge. The steel seems to be as good in quality as a good ax. When I got the knife the edge was really blunt. I have been trying to thin out the cutting edge. These knives are really odd shaped for sharpening.
I read a post on outdoor magazine that shows how to make what they call a shearing cut with the Kukri that is supposed to greatly increase the cutting effect. I have tried it but not had much luck with it yet.
http://outdoors-magazine.com/s_article.php?id_article=81David Enoch