The quality of water used in the tempering process also plays a part. Sheffield water was at one time exported to smelters in other regions because it made the steel so goodI think one reason people tend to like vintage razors is that the steel used was often "virgin steel", that is steel made from iron ore dug from the ground. Thus, the area where the ore was sourced often played an important part of the steel produced.
Although iron ore is still mined, most steel today comes from a combination of iron ore and recycled steel. When steel is recycled, you are getting a mixture of various metals as well as other impurities that have to be removed in the refining process. The quality of the refining process plays an important role in the quality of the steel produced. Certain localities were known for the quality of their razor and knife steel: Sheffield, England; Solingen, Germany; Thiers, France; Sweden, Japan, USA, etc.