Here is a video of a Precision Matthews PM1236, like mine, cutting steel.
http://www.youtube.com/watch?v=EJb8pHmjgzk
http://www.machinetoolonline.com/PM1236.html
Freight: FREE
Total: Price: $2995.00
That is the 4th lathe I have bought for gunsmithing in 10 years.