Modern production is pattern welded steel. Not damascus. The processes for making true Damascus are lost to us. That does not mean pattern welded steel is inferior. It simply means it is not damascus, made the same way, contain the same trace elements as the various damascus types through out history.
Calling modern pattern welded steel damascus steel. May not seem like much of an issue. Think decimate and devistate. Decimate means to remove 1 in 10, devistate means leaving 1 in 10. They are used interchangibly, but mean vastly different things.
Knife talk 1 and knife talk 2 books by Ed fowler cover this extensively.
http://www.edfowler.com/
on a side note what he has done with 52100 steel is amazing
http://www.edfowler.com/index.php?option=com_content&view=article&id=61&Itemid=57