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Damascus Steel was not stronger and lighter than normal steel in a significant way. It had other beneficial properties, but rediscovering its exact method of make would not give you a technological edge in the modern day. Modern military applications use materials that are infinitely more useful. An MIC that uses Damascus Steel would certainly be more unique, but far from being more advanced. All of this applies in the civilian world. Also, Damascus Steel refers to a sword-making technique with a certain steel. Nothing about the steel itself suggests it would be good in building construction, and even then, modern steel alloys are superior.