"the bicycle industry would surely benefit from such a material"
Nope. We already have high strength steels, certainly strong enough that you run out of stiffness long before you run out of strength. I can't think of a single place on a bicycle where the strength of steel is the limiting factor.
New light Steel, lighter and cheaper than titanium
http://www.bikebiz.com/news/read/scientists-develop-steel-alloy-as-good-as-titanium-only-cheaper/018859