Sintered steel was an early version of today's MIM (Metal Injection Molding).
Powdered steel is injected into a mold, the mold is heated until the steel melts and fills the mold.
The mold is opened, and a basically finished part is revealed often needing nothing more than case hardening.
The advantages were lower priced guns, and even revolvers could be "machine fitted".
In the old Colt's each and every part was made over-sized, and a Master fitter assembled the revolver by stoning and filing the part to an exact fit.
With Colt's revolutionary system, the assembler selected a part from a bin and test fitted it. If it didn't fit, another part was tried.
The advantages were a gun that cost significantly less since there was a huge saving in human labor.
This meant a $400 King Cobra versus a $1000 Python.
When Colt did a slight redesign of the Mark III and brought out the Mark V, the sintered steel hammer and trigger were changed to cast steel.
Colt decided cast steel was a better option for hammers and triggers, but other parts were still sintered parts.
The design of the Mark III with it's machine fitted, sintered parts revolutionized the gun industry, and virtually every DA revolver made since uses Colt's system, and an almost exact copy of Colt's transfer bar action.
The only real downside to this is if repairs are needed. Since the parts are case hardened with a super thin, near glass hard surface, cutting, re-fitting, and even most polishing of parts is impossible.
Repairs are done the same way the gun was first assembled: A new part is test fitted, and if it doesn't fit, another is pulled from the bin.
The problem is, most gunsmiths don't HAVE a bin full of parts to allow selecting another.
This often leads to local gunsmiths trying to "get it to work" by stoning parts.
Since this breaks through the thin case coating, soft metal is exposed, and the part soon wears and stops working properly, often dangerously.
This is why the traditional "get it to work" gunsmithing techniques of heating and bending, stretching, and stoning can't be used on modern guns like the later Colt's, the S&W's, the Ruger's, Dan Wesson's, and Taurus's.
The up side is, you can buy a $500 gun instead of a $1200 gun.