Where to begin Thomas?
Most of the cast iron I use comes in the form of 'castings' (just saying that sounds a bit daft) but the casting process means that specific shapes can be made fairly easily – with the machining bringing any required surface down to size. So for instance, the wheels on my locos are cast, as it would be more work to fabricate them. I have recently acquired a set of Stent T&C castings for this reason. I mention the Stent because some people have produced basically the same design from 'stock' material. There are different types of CI but generally it machines very well (once under the outer skin) and can form a good bearing surface because of the graphite it contains. It can however be prone to cracking as it is not nearly as strong as steel.
Mild steel is much stronger and will come in stock sizes. Generally larger assembles will need to be fabricated by welding, brazing or screw fixings. Mild steel is relatively 'soft' but can be surface hardened. It generally does not make a good bearing surface but these days most will use some form of other bearing within any steel structure.
Both will rust but in my experience CI seems to absorb a degree of oil (?) over time and my older CI machines seem less liable to rusting than the steel parts in the same environment – but this is purely anecdotal.
Generally, for my tools and models I use mild steel and only purchase castings for specific applications. You didn't mention cost in your question (edit – sorry you did e.g. 'Price' ) but this is an important consideration. For instance, the Stent castings will normally cost a lot more than the stock material required to build the same grinder.
This is a large subject and I would advise you have a surf of the Internet for any specific areas that might be relevant to your needs.
Regards,
IanT
Edited By IanT on 04/02/2014 17:04:28
Edited By IanT on 04/02/2014 17:04:55
Edited By IanT on 04/02/2014 17:05:24