John,
No - you haven't misread anything, it was just that as an apprentice "2000 years ago" I was told "Use key steel for square and rectangular stock" it is a much better "quality" steel than "bright mild steel". Also I was told it had less of a tendency to warp after machining.
It is something that has stuck with me - I forgot everything else.

Maybe it was in 1960, I also thought it may have been heat treated but I don't think it is.
If it is just from it's shear strength, I would sooner use a free cutting steel.

DaveH