If a steel is designated as C80, which of the following statement is correct for it?

1

C ≡ plain carbon steel, 80 ≡ 80% Iron

2

C ≡ plain carbon steel, 80 ≡ 0.8% carbon

3

C ≡ tool steel, 80 ≡ 0.8% carbon

4

C ≡ tool steel, 80 ≡ 80% Iron

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