Disclosed is a steel alloy that includes as alloying ingredients carbon, silicon, manganese, aluminum, and oxygen. In accordance with this embodiment of the disclosed invention, carbon is present in an amount ranging from 0.40 to 0.77 wt. %; silicon is present in an amount ranging from 0.40 to 1.20 wt. %; manganese is present in an amount ranging from 0.40 to 1.20 wt. %, aluminum is present in an amount ranging from 0.003 to 0.060 wt. %; and oxygen is present in an amount ranging up to 0.0030 wt. %. Also disclosed is a railway wheel that comprises a hub, a rim, and a connecting plate. In accordance with this embodiment of the disclosed invention, at least the rim, and preferably the entire railway wheel, is composed of the disclosed steel composition.