Quote Originally Posted by sandra View Post
The decal says: (please translate)
Champion No. 5
Chrome Molyboen Steel
Seamless P. G. Tubes
Tange Industries LTD.
That's a grade of chrome-molybdenum steel alloy (chromium and molybdenum are impurities added to the iron to give the steel desirable properties) manufactured by Tange Industries of Japan. According to Sheldon Brown, Champion #1 and #2 are very high end and equivalent to Columbus SL/SP or Reynolds 531, often found on Centurion bikes. Champion #3, #4, and #5 are lower grade, straight-gage (no butting) tubing, not high-end racing quality, but good quality nonetheless. You've got a great bike here.