Most commercial steel is forged or hot rolled (similar to forging, but using 2 rollers instead of a hammer) after being cast. Cast structures will generally have worse strength, toughness, and ductility than wrought (hot worked, either by forging or rolling or some other process) structures. Casting is more economical for some parts and can be quite complex to reduce the mechanical property reductions. Both castings and forgings (or rolled plate/sheet shapes) can be heat treated afterward. There are some makers (Stuart Ackerman, David Boye) who make knives by casting then final grinding/polishing. I've used a Boye folding knife and found it worked fine, but just as a cutter. I carried it for many years and finally wore it out.