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CPM-S35VN is made by Crucible and consists of:

Carbon Chromium Cobalt Copper Manganese Molybdenium Nickel Niobium Nitrogen Phosphorus Silicon Sulfur Tungsten Vanadium
1.38 14.00 / / / 2.00 / 0.50 / / / / / 3.00

Some information from the Spyderco website:

Crucible Steel in NY created CPM-S30V as steel developed specifically to be used for knife blades. A first, and the knife industry appreciates such purpose built efforts.

Shortly after the introduction of CPM-S30V, Chris Reeve (of Chris Reeve Knives) began working with Dick Barber, a metallurgist at Crucible Steel (at the time).

The goal was to create an even better version of the steel that had better machinability and finish. After several years of testing and development, the result was CPM-S35VN. Chemically the same as S30V, but with the additional of Niobium (also referred to as Columbium).

High Chromium ferritic steels containing Niobium exhibit increased temperature stability and refined grain structure which is important when working hard steels used in items like jet and rocket engines, welding and knife blades. It increases a blade’s strength and ability to take and retain sharpness.

Crucible worked with a few makers to test and refine the steel. Production began on CPM-S35VN just before changes were made in the Crucible business model.

At this time, there is still question as to whether this fine steel will be in production. Spyderco was fortunate to be able to grab some while it was still available and this Mule Team model is the result of that opportunity.

CPM-S35VN is exotic in its chemistry, even for powdered steels. This is an opportunity for some to be able to play with this new evolution to blade steel.