Alloy steel is steel that is alloyed with elements between 1-50% by weight to improve properties. Common alloying elements include manganese, chromium, molybdenum, vanadium, and silicon. Alloy steel has improved properties like hardness, tensile strength, toughness, wear resistance, and high temperature resistance compared to carbon steel. Alloying elements are added to achieve specific properties and alloy steel finds uses in applications that require these improved properties, such as automotive and engineering components, cutting tools, and construction.