What makes depleted uranium a good material for making ammunition?

Depleted uranium is 1.67 times as dense as lead, 84% as dense as osmium or iridium, which are the densest known substances under standard (i.e., Earth-surface) pressures. Consequently a depleted uranium projectile of given mass has a smaller diameter than an equivalent lead projectile, with less aerodynamic drag and deeper (armor-piercing) penetration due to a higher pressure at point of impact.