I don't know of any European sprint kart manufacturers that use mild steel for production. They use something relatively close to our US spec 4130. I would doubt that any LTO manufacturer is using anything other than 4130 or equivalent. There are times when European manufacturers have built "special" chassis for events like the World Championships out of mild steel. They are typically "one race specials", and work very well for a short period of time. I don't know if that practice still exists. I have driven a number of mild steel sprint chassis though, and they definitely have "something" that is magic, but they are "one hit wonders"... they do NOT last long under hard use.
4130 is "about" 50% stronger than mild steel in both yield and tensile compared to 1018 mild steel (very significant). "Yield strength" meaning how much force it takes to permanently bend something (e.g. did someone put you into the wall and bend your kart). "Tensile strength" meaning how much force it takes to actually break the material "in tension" (testing machines actually grab a sample piece of material on each end and tear it apart to obtain this value).
In karting, we concern ourselves much more with how a chassis "feels". Is it lively, does it feel dead or have a "muted response" to the track, does it stay flat and aligned even after a season of racing, does it respond well to adjustments, etc. These tendencies are much more difficult to define mathematically or by normal testing procedures, because they largely happen on a molecular level. Go with your gut feeling -- that's a really good tool !!
And yes: chassis can and do get "tired" after a while, and it does have to do with number of cycles of bending... that happens quite quickly with a mild steel chassis, and takes much longer with a chrome moly chassis. My gut feeling is that what actually starts to "get tired" first on a chrome moly chassis are all the areas around the welds, due to the changes in the heat effected zone from welding.
PM