It may be made by Umarex/Walther, but the one I bought certainly isn't pot metal. Colt screwed the pooch when it cancelled the Colt .40 (made by the under-rated company CZ), abut I don't think it hurt its name with this little pistol. Shall we slander Walther, also. I also thought they were a quality firearms maker? I can't speak to the type of steel, but it IS steel. And again, damn accurate and, after several hundred rounds, hasn't missed a lick. I've shot several conversions, and not one of them was dependable, and none locked back after the last round, like my little junker.. My gunsmith says it's got a pretty good trigger, too, and he's going to smooth it out a little, from the factory 6 pounds to about 4 pounds. Yep, my mags have a 12 round capacity. I've spent good money on worse things.
Edit:
After examining the pistol more closely, it is made in Germany by Walther, imported by Umarex, under Cot's name.