ASTM A751 "Standard Test Methods, Practices, and Terminology for Chemical Analysis of Steel Products."

ASTM   E29 "Standard Practice for Using Significant Digits in Test Data to Determine Conformance with Specifications"

There are two methods for this. Absolute and Rounded.

Absolute is as it implies. Anything out of the specified range is no good.

out of E29
6. Rounding Method
6.1 Where Applicable--The rounding method applies where
it is the intent that a limited number of digits in an observed
value or a calculated value are to be considered significant for
purposes of determining conformance with specifications."

The max number is an absolute value, but not restricted to less than. If there were a restriction, it would state .030 - .060 or something of that nature.

I would suggest acquiring those two specs for further information.