Wenger Swiss Army watch? Titanium lighter than steel?

I have this Swiss Army watch, its a mountaineer or something. It says all titanium, it cost about $130 dollars, got it on sale for about half the price at Sams. It feels very light though. My friends have stainless steel watches, and they feel pretty heavy. My watch has fallen and hit many surfaces, and its still works very well, and the titanium looks pretty cool. Why is it soo light? isnt titanium supposed to be heavier than steel?
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