I tried making cast iron rings, and found that it is not that difficult to do.
After a few practice rings, I was able to easily make some nice cast iron rings.
I have seen various methods for parting the rings.
The method I used was to place flat-nosed pliers immediately adjacent to each other on the ring, and rock them ever so slightly back and forth until the cast iron fatigues and breaks.
Then I lightly cleaned up the ends at the break.
Worked fine.
For low-rpm steam engine work, it is not much of a problem to get the correct ring clearances.
For a high-rpm model airplane engine with very tight tolerances, I guess a lot more care would need to be paid.
I leave a slight amount of clearance to allow for expansion due to steam.
I prefer cast iron rings because "they wear like iron", LOL, they are iron, but also because as a model builder, I love the challenge of trying to make the engines like they were made in the day, not that there is anything wrong with the modern materials.
Its like standing in front of Everest; do you ride the cable car up to the top, or get out the ropes and carabiners and start climbing?
Edit:
For now, I turn my rings to the same size as the bore (actually slightly smaller for expansion), and then expand the ring and heat it, to spring it out.
I have dabbled with making oversized rings that are sprung inwards and turned to final size, but that takes quite a bit more work, and I have not mastered that technique yet.
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