Consider to be a forging the part has to be smashed in a press at greater than red-heat to elongate and "direct" the grain-flow in a beneficial direction in the microstructure of the steel. Its an expensive process.
In very simple ideas, there's a couple basic kinds of cast iron, grey iron which is what most parent-bore engine blocks used to be made of (sleeves still are because of the graphite "flakes" in the microstructure, the oil-lubed cast iron rings on cast iron bores are still about the longest-wearing non-exotic materials)
or
Nodular iron which has a different carbon content and microstructure. You would want to make a steering knuckle out of nodular because of its toughness under impact. The grey iron, while strong, will brittle-fail if overloaded, and imo would be a poor choice for a steering knuckle. By the same token, nodular would be a poor choice for an IC engine cylinder bore.
In general terms, grey iron pours at a lower temp than nodular which pours at a lower temp than cast steel. Forging requires a significant amount of "hammer" work just below the casting temp. You can somewhat equate costs with elevated temps.
A nodular cast iron vise would be my choice for balance of cost and performance.