Abstract: The invention relates to metal industry and more particularly to alloy for producing steel wheels, as well as to steel wheels made from such alloy for railway transport. The steel comprises the following components, in % wt.: from 0.45% wt. to 0.60% wt. of carbon, from 0.38% wt. to 0.50% wt. of silicon, from 0.80% wt. to 1.00% wt. of manganese, up to 0.15% % wt. of vanadium, from 0.80% wt. to 1.00% wt. of chromium, up to 0.02% wt. of phosphorus, up to 0.015% wt. of sulfur, up to 0.3% wt. of copper, up to 0.25% wt. of nickel, up to 0.04% wt. of aluminum, a balance of iron. The claimed steel alloy for use in producing railway wheels, either by metal working process or by casting methods, has improved mechanical and operational properties.