In the 1990's an engine builder manufactured camshafts that were made from steel material. As far as I know none of these camshafts ran for over 10k miles. This is an example of a failure. The camshaft lobe cut a hole in the lifter.

The OE cast iron camshafts do not have this problem. Performance camshafts from LPE and SGC that are ground on cast iron blanks do not have this problem.

Steel billet camshafts can be successful if the correct metallurgy and heat treatment are used.