American Racing ,has been producing relatively light weight ,high strength steel wheels for quite a while now ,I bought a set of factory alloys for my Dodge Dakota, they were ridiculously thick and seemed to weigh almost as much as the steel wheels (but they looked better ) .
From Understanding Wheel Weight, p. 24 in Honda/Acura Performance:
“By increasing the size of the wheel from 14 inches to 17 inches, we not only increased the weight, but also effectively moved the weight farther toward the edge of the outside diameter. It is easier to understand if you think of the wheel and tire assembly as a big flywheel. The 17-inch wheels moved the weight toward the outside of the flywheel , making it harder for the motor to accelerate, The technical term for all of this madness is moment of inertia, but you should just remember that increasing the weight and/or size of your wheels and tires will effectively reduce your car’s horsepower at the wheels.”
Reading this article soon after I bought my 1999 Honda Civic influenced me not to buy alloy rims for it. Instead I have a set of summer tires on the original steel wheels (which I have spray painted in the interim) and a set of winter tires on aftermarket steel wheels, purchased ready-to-mount frmo tirerack. Every few years I spring for a $30 set of plastic wheel covers and if the tires are clean, it all looks good as new.
I prefer steel wheels, but my car came only with alloys, so that’s what I’ve got.
In '72 I bought a car with steel wheels (most of them came that way back then) and promptly went out and bought allow wheels (slotted mages). Great look and I could swear the car went faster (I had an active imagination).
I’ve bent a few alloy rims on our ever-present NH potholes. And mine are a pretty robust design. I’d be in real trouble if I had some of the lightweight spindley aftermarket rims I’ve seen. Some on these have about as much material as a spider web. I see kids also changing their offset to increase the track to where the tires stick out the wheelwells. They must buy their wheel bearings by the gross.
I tell ya, if the potholes get any worse here in NH I’m going to be tempted to buy an H1 Humvee. 
mountainbike
When I was still at the dealership, I constantly saw customers come in with bent AND leaking aftermarket rims 
Like I say ,there are good looking ,lightweight steel wheels availible.I still like the look of beauty rings and baby moons When I bought the Factory alloys for the Dakota ,they didnt seem to be any lighter ,the whole whole truck seems to be over built ,I guess thats why it weighs almost 2.5 tons ,modern vehicles suffer from all the deadweight economy wise.