A golf club head formed of an alloy of steel that is capable of improving the center of gravity (CG) location while maintaining traditional external dimensions of the golf club head. More specifically, the golf club head in accordance with the present invention achieves a relatively low CG while maintaining traditional external dimensions by reducing the amount of mass contributed by the crown, the striking face, and the hosel, and strategically reallocating this mass within and/or proximate the sole of the golf club head.