1020 carbon steel is a low-alloy steel containing 0.18-0.23% carbon, making it harder and stronger than mild steel while still being relatively soft, ductile, and machinable. It offers a good balance of strength, wear resistance, and workability through processes like machining, welding, and forming. 1020 steel is commonly used for shafts, gears, bolts, studs, and other general-purpose components across industries like automotive, construction, and manufacturing.