A relatively high strength high toughness medium Carbon Copper-Nickel-Chromium alloy steel and method that eliminates and/or reduces the use of scarce, expensive alloying elements and is lower in cost than existing high strength high toughness alloy steels with comparable strength and toughness properties. In a first embodiment, the alloy steel is comprised of by weight about 0.40 1.00% Copper, about 2.50 8.00% Nickel, and about 0.80 3.50% Chromium. In a second embodiment the alloy steel is comprised of by weight about 0.55 0.70% Copper, about 1.0 6.0% Nickel, and about 1.0 2.2% Chromium.