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An article in Nature details the discovery by some South Korean scientists of an ultra-strong low-density steel with large ductility. The aluminum-steel alloy has a strength to weight ratio that matches the best titanium alloys, but at a fraction of the cost and it can be created with machinery already used to make automotive-grade steel. The alloy is expected to have applications in automotive and aircraft manufacturing. Elon Musk has indicated he will use it to build a rocket to establish a colony on Callisto (ok, I made that last part up).
Here are some articles talking about it:
Nature Article
Popular Mechanics
Discovery
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