LOL steel and wood... ok ok ok, you win... its made of BLUED steel, and some chrome.
Seriously, they are good for beater AKs, but not the BEST. They have 1mm thick stamped steel recievers, as opposed to the 1.6mm stamped recievers of some US guns and Chinese guns. They are 99% of the time excellent guns, cheap and reliable, and the uglyness can be fixed with some wood finish and polish. They are fairly accurate and will last a long time.
ETA: no they do not have dimpled recievers, but they have steel plates welded in them for extra strength INSTEAD of the dimples. I do not own a WASR but I have shot them, I can't point out the plates but I am sure someone who has one will show you. I have a PSL, Romanian made, and when you have one of those you can NEVER doubt Romanian craftmanship.