Posted by Jeff Dayman on 10/01/2013 22:14:53:
Keep in mind too the rough rule that aluminum is 1/3 the weight of mild steel but is also 1/3 the strength of mild steel.
It's roughly right, but not the whole story.
The density of iron is about 7850kg/m^3, aluminium is about 2710kg/m^3, so as correctly stated aluminium is about a third as dense as steel.
A typical tensile strength for EN1A is 400MPa, for pure aluminium (1050) about 130MPa, depending upon temper. So pure aluminium is only a third of the strength of EN1A. However, pure aluminium (1050) is unlikely to be available in any form other than sheet, as it bends easily without cracking, but machines badly.
The inners of the wheels would most likely be made from an aluminium alloy. For a common aluminium alloy, 6082, with a mid-temper, tensile strength is around 260MPa, so more like two thirds the strength of steel. For an aircraft spec aluminium alloy, 7075 with a T6 temper, tensile strength is around 500MPa, so stronger than steel. If it wasn't then we'd make aeroplanes from steel as it would be cheaper. 
Regards,
Andrew