"Steel is just like a man.
If it loses its temper it loses its worth.
Did you know steel is available in four tempers?
Full-hard
3/4-hard
1/2-hard and
1/4-hard "
Actually, steel can be re-tempered. And iron, which is the base constituent of steel, is a rather magical element. It possesses characteristics that other elements lack - namely its ability to form different crystal structures at different temperatures, combined with its ability to incorporate various alloying elements to change its overall characteristics. The highest temperature reached, along with the rate of cooling, can significantly affect the hardness and strength of the final product. It is probably the most verstile element on earth. And I've always found it fascinating that iron is the highest element that is produced within the fiery thermonuclear furnace of our sun. All the other higher elements must originate from elsewhere in the cosmos.
Another communly used term for tempering is "drawing". Tempering or drawing refers to the reheating and cooling of hardened steel to relieve internal stresses and make it less brittle but still hard enough for various applications. We also use the term "drawing", along with "anneal" and "normalize", along with "carburize" and "quench" to describe the various thermal operations performed on ordinary steel. Most tool steels are full annealed (reduced to their maxium softness) before machining, and then hardened and drawn to the desired level of hardness.
The only way for a tempered steel to lose its temper is for it to be reheated until it colors. If it is reheated to a temperature above its original tempering temperature. Thus, do not blame a steel for losing its temper - blame the person who heated it too high. And in some cases, improper heat treatment of a hardened steel part means the part cannot be recovered, and is scrap.
Low carbon or plain steels cannot be heat hardened and therefore don't need to be tempered to begin with. It takes a certain amount of carbon as an alloying element to enable iron to become steel, and the amount of carbon directly affects how hard the steel can ultimately become. Other alloying elements like nickel, chrome, vanadium, molebdynum, etc., affect various properties of the steel, including hardness, tensile strength, ductility, corrosion resistance, impact resistance, etc.