To save cost Winchester went to producing "sintered steel" recievers (which won't blue but were painted) instead of the traditional forging process because it was CHEAPER.
The sintering process:
Sintered steel is a type of metal that has undergone a sintering process, in which powdered metal is heated below its melting point until the particles form a molecular bond. Metals such as iron, copper, and aluminum are commonly turned into sintered steel. Sintered steels normally possess resistance to high temperature and slow deformation rate.
There are three main stages in producing sintered steel: powdering, molding, and compacting. The first step involves turning steel ore into powder. Grinding, atomization, chemical reaction, and centrifugal disintegration are four ways of producing metal powder.
The powder is transferred into a mold press. Metal products with intricate shapes and details can be manufactured more efficiently with this method because the particles conform to the mold better. The mold is then pressurized and compacted. Heat is added to fuse the particles. In some cases, the sintered metal may be re-pressed to reduce porosity.
Although easy to shape, sintered steel can be difficult to machine. The uneven particles create an abrasive surface that accelerates the wear on machining tools. To increase machinability, additives like phosphorous, sulfur, and tellurium are mixed with the base metal to create a smoother surface.