API 5L Steel suitable for structural use?

[AggieYank]

We are evaluating this API 5L PSL 2 Gr. 42 steel and whether we could use it in place of A500 Gr. B for pipes. A fabricator is telling use it is available and cheaper.

We compared the fy, fu, weldability, and will compare the Charpy V toughness. So far, there are no issues with it.

Also, there are at least two modern steel construction articles in which this steel grade (or a similar API 5L PSL 2) was used.

Does anyone have any insight into this steel?

 

[GRoberts]

AWS D1.1 lists API 5L grade B and X42 as group 1 prequalified steels, so they have obviously had previous structural use.