That's pretty much what I've been able to find out as well, though many European brands don't advertise the exact type of steel they're using. I know for a fact many knives in Solingen are made of 425M (an alloy with a significant percentage of Molybdenum) - they're often marked Molybdenum on the blade.

I'm not sure how popular 12C27 is in Germany but quite a few French knifemakers use it regularly. 1.4116 is also fairly common. Anyway, most European-made kitchen cutlery except for the very lowest end seems to be made of something better than just plain 420. Also, the heat-treatment tends to be pretty good for what those knives are supposed to do. People scoff at stuff like 425M but in my experience, it performs very well in some of the Solingen knives I own.