There seems to be a big misperception about "steel" cranks here, and RR is right. None of the Chrysler crankshafts (that we pursue) were ever made from cast iron. There were only two "processes" for manufacturing steel cranks; one was from steel bar stock, which was hammered (called roll forging) into shape, and the other was cast (steel melted down and then poured into a mold) from ductile steel.
Forgings are heavier and tend to be more brittle, while a casting is lighter and can flex a little under stress without breaking (considered advantageous by many engine builders). While the forged cranks are more popular, I've got many friends that run some very hot street/strip cars (@ 7000 rpm) for years - some over 10 years now - without incident. The casting will rev quicker (lighter bob weight) and take nearly as much abuse as a forging - unless you're on the other side of 600 hp, regularly, the cast will work fine.
Cast iron cranks only recently became popular as auto mfg's keep looking for cheaper ways to build cars. Many of the econoboxes nowadays (Ford Fucus is a prime example) are starting to use cast iron cranks, but only because of the extremely low loads place on them.
I hope this helps. If you're going street/strip, with good oiling, the cast steel cranks can take a lot of abuse. If you're drag racing only with continuous high revs; multi-carbs; rollerized assy; and/or (big) power adders, then go with a forging.
Southernman