I do not wish to start any urban rumors. Mt reference to the Argentine pistol from German Graf-Spree steel seems to be just that...an urban rumor.
Here is a link to a good reference sight:
http://www.sightm1911.com/lib/history/ballester.htm Ballester-Molina
Type: Self Loading Locked Breech Semiautomatic Pistol
System of Operation: Recoil
Caliber: 11.43x23mm (.45 ACP)
Capacity: 7+1 rounds
Sights: Fixed blade front, notch rear drift adjustable for windage
I had not heard the one about the Graf Spee but it sounds unlikely since it was scuttled off the coast of Uraguay.
The Argentines did use better than standard steel tho. They used a high grade Swedish steel which was more dense than standard, in fact the Argentine .45's actually weigh an ounce or two more than Colt made ones.
This brings up another interesting fact. Not only was the Argentine hi-power the best Browning I ever had, the most accurate .45 was also an Argentine one. This was despite having a heavy trigger pull. With a trigger job it probably would have been a one holer. I foolishly traded it off.