The marking "High Alloy Steel" is a boast (a proud and a true boast) of the quality of the metal used in the barrels.
On FN made Browning A-5 guns, or some French guns, you see "Acier Special" on British guns in past times "Sir Joseph Whitworth's Fluid Pressed Steel" or "Jessop's Steel". German and Austrian guns might have used and thus so marked "Bohler Blitz" or "Blitz Stahl" translating as Lightning Steel. Winchester guns on the barrels used to say "Winchester Proof Steel".
These are all tell tales that the steel used can be known by the buyer that this steel is by its alloy composition (or by the process by which it is originally cast as a billet) of some better property than the steel used by a rival. This differentiation marking of the alloy or process and its properties is still with us long after WWII with British "EN" numbers.
Raleigh bikes used to, on some, boast "Reynold's 531" - as used on the Spitfire supposedly - or the later "Reynold's 735" steel used. See below:
en.wikipedia.org
But, as others say, although the OP's Beretta may be safe and usable, or not unless the choke and etc. is opened up, what it isn't is marked with a Proof House Fleur de Lys stamp to show it as proved for "High Performance Steel". So like the desired cachet of a "Reynold's 531" or "735" labelling it merely describes the steel used and not anything other.