Most industrial hacksaw blades are bimetal with a HSS edge, probably M2, and a body of 1045-1050. The ones that aren't bimetal are usually all HSS. The reason for this is that the friction of cutting metal in an industrial shop will commonly cause the blade to get hot enough to soften a simpler alloy. The high speed steels can hold upper 50s Rc hardness up into the glowing red color range. If you can grind it in the hardened state, it holds an edge practically forever, but it takes alot of patience and grinding belts to do.
Todd