Alloy tool steels of the present invention may be suitable for metalworking tools, bearings, gears, and specialized automotive parts, such as camshafts and lifters. A steel alloy, comprising: by weight, 0.5 to 1% carbon; 0.5 to 2.0% vanadium; 1.0 to 2.0% aluminum; 0.2 to 1.0% silicon; chromium; molybdenum; manganese; and iron. Further embodiments of the alloy tool steel consisting essentially of: by weight, 0.5 to 1% carbon; 0.5 to 1.5% vanadium; 1.0 to 2.0% aluminum; 0.2 to 1.0% silicon; 3.5 to 4.5% chromium; 0.1 to 0.5% manganese; 3.5 to 4.5% molybdenum; less than 0.05% nitrogen and the balance iron. In certain embodiments, the alloy tool steel comprises a ratio of the weight percentage of aluminum to the weight percentage of silicon in the range of 1.7 to 2.2.