this is from the 'Cobalt in Steels' article referenced above:
Influence of Co on steels
Solubility of Co in the ? iron is up to 75 % while in the ? iron it is unlimited. Co is the only one alloying element that increases the critical cooling rate of steel and accelerates pearlitic transformation thus reducing hardenability.
Co is unique among alloying constituents in steel in that it is the only element that has negative effect on the hardenability of steel by accelerating the decomposition of austenite. It has a tendency to graphitization and is a very expensive component, hence it is not used as an alloying addition in normal steels. It is never used in the standard heat treatable steels. Co is, however, a constituent of maraging and 9Ni-4Co ultrahigh strength steels but here, its presence is overcomefrom a hardenability standpointby the remaining alloying constituents.
Since Co has a negative effect on hardenability, it affects the hardening less than other elements.
The presence of Co in the steel improves its durability and hardness at higher temperatures, reduces the fall in hardness of austenite and ferrite under the influence of temperature increase, and therefore is used as a supplement to some grades of high speed steels and tool steels. It is also a component of creep resistant steels.
Co is a valuable alloying element for high speed tool steels. It has the effect of raising to softening temperature of ferrite so that tools made from Co bearing alloy steel can operate at high temperatures, maintaining their cutting capacity.
Co has few, but highly specialized, uses in alloy steels. Its behavior is similar to Ni, in that it forms a complete series of solid solutions with iron at elevated temperatures and is also extremely soluble in ferrite. It is a potent ferrite strengthener; this solid solution strengthening persists to quite high temperatures, and hence Co is used in several grades of high speed tool steels, among others.
Co is ferromagnetic like Ni and has magnetic permeability.
Co increases hardness and allows for higher quenching temperatures during heat treatment. It intensifies the individual effects of other elements in steels with complex compositions.
Co is not a carbide former. However addition of Co to alloy steels allows for higher attainable hardness and higher red hot hardness.
The Co matrix has a high-work hardening sensitivity, which combines with the carbide fraction and allows to achieve excellent wear resistance associated with a high degree of corrosion resistance.
The effects of Co additions on the mechanical properties and strengthening mechanisms of martensitic precipitation strengthening stainless steels, whose composition is 0.005 % C/12 % Cr/5 % Mo/1.5 % Ni with Co levels of 9 %, 12 %, 15 %, 18 %, and 21 %, shows that hardness, yield strength and ultimate tensile strength increases as the Co content increases, while the charpy impact energy decreases as tempering temperature increases
a good element to add if you are making a drill bit or end mill or broach, problematic if making a knife