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I suggest calling Walther and asking 479-242-8500 EXT. 507 customerservice@waltherarms.com Customer Support all the sites list it as nickel UPC: 723364200267 Description: WAI PPK/S 22LR PST 10RD N FS Brand: Walther Arms Inc Model: PPK/S Type: Pistol: Semi-Auto Caliber: 22LR Finish: Nickel Action: Double Action Stock: Black Plastic Grips Sight: Fixed Barrel Length: 3.26 Threaded Overall Length: 6.06 Weight: 23 oz Capacity: 10+1 # of Mags: 1 Safety: Manual Safety, Drop Safety ********Receiver: Nickel, Alloy Features: Blowback Action, Threaded Barrel; Alloy Construction

The slide is "alloy" (Steel attracts a magnet this does not) but this pistol has a Factory Nickel Plated Finish. There does exist a solid stainless version though. http://www.thetruthaboutguns.com/2013/10/jeremy-s/gun-review-walther-ppks-22/

It is Nickel plated. The slide is alloy.