So, Alabama damascus lists the following for their steel types:
Material = (4) layers 5160, (3) layers 203E, (3) layers 52100, (3) layers 15N20 folded 5 times for 416 layer damascus
Below is a chart from zknives comparing 3 of the 4. They had no listing for 203E
And their description of each -
15N20(Bohler-Uddeholm) - Bandsaw steel by design. Very tough, similar to AISI L6 tool steel, except for the missing Chrome. 15N20 is used either as a blade material on its own, or mixed with other steel in pattern welded damascus. E.g. 15N20/AISI 1095 steel or 15N20/AISI 1084 steel are quite popular. Nickel in 15N20 provided good contrast. Easy to sharpen, takes fine edge, but not so much in the edge holding department, toughness is its main benefit. Although, western custom knife makers use it in kitchen knives at higher hardness. Also used to make swords.
5160(AISI) - Knife Steel FAQ - A steel popular with forgers, it is popular now for a variety of knife styles, but usually bigger blades that need more toughness. It is essentially a simple spring steel with chromium added for hardenability. It has good wear resistance, but is known especially for its outstanding toughness. This steel performs well over a wide range of hardnesses, showing great toughness when hardened in the low 50s Rc for swords, and hardened up near the 60s for knives needing more edge holding.
52100(AISI) - Knife Steel FAQ - Formerly a ball-bearing steel, and as such previously only used by forgers, it's available in bar stock now. It is similar to 5160 (though it has around 1% carbon vs. 5160 ~.60%), but holds an edge better. It is less tough than 5160. It is used often for hunting knives and other knives where the user is willing to trade off a little of 5160's toughness for better wear resistance. However, with the continued improvement of 52100 heat treat, this steel is starting to show up in larger knives and showing excellent toughness. A modified 52100 under the SR-101 name is being used by Jerry Busse in his Swamp Rat knives. German equivalent 1.3505 is discontinued.
All 3 being blade steels of some sort, but each with different properties of toughness/edge retention based on heat treatment.
To really see how they would perform when combined we would first need to know Kershaw's heat treat process, then find the manufacturers data sheet for each of the steels to see how that process would work on each one
The time it took to dig up what I have so far, plus all the time it would take to research the heat treat would put the cost of my time way above the value of the knife lol
Which brings us back to simply this:
If your gut tells you you like the looks enough to take a chance on it, go for it and hope for the best.
It comes from a well known brand, whose name is ultimately on the line if the steel supplier they chose sucked... I'm sure they did their research before making the choice.
It may not be top of the line, but it's probably not garbage either, and in real world settings all this speculation on minor differences probably will never be noticed.
Much different from some sketchy no name pattern welded blade of unknown origin off eBay or something lol