This is a really decent field-knife. I have two, a Seal Pup and Seal Pup Elite. I like them both very much... For the money and size, they are an excellent fixed blade knife.
Don't get too hung up on where the knife is manufactured, so long as it comes from a decent company*like SOG*. Actually, some Chinese/Taiwan/Japanese steel is superior than some American steels...As much of the heavy-metal industry has left America for Asia, they make alot different steels, some of it superior.
IIRC, SOG has changed the steel on the SEAL Pup once or twice...though I could be mistaken. Mine are both "newer" models, less than 1 year old and have AUS6 blades.
AUS6/AUS8 blades are good steel for everyday use. They are reasonably durable and hold thier edge fairly well, though better choices exist. However, many knives are made out of AUS6/AUS8 or thier 440 series equivalents. Better steel exists, but for everyday use, its an excellent choice.
Different steels have different edge holding properties, with AUS6/AUS8 being in the middle of the road, its not the best and not the worst. What are you using this knife for? What angle of grind do you prefer? For general cutting use, it should hold a usable edge quite well. For cutting hard/tough objects, the edge will fail quicker. If you are cutting heavy duty stuff, its best to get a knife tailored to that specific task as other steels will be more resiliant and hold an edge better.
For a general use knife, your SEAL Pup is an excellent choice and will be durable and hold its edge quite well, provided you don't abuse it.