It depends on what the use is and what is being compared to. I took a tong making lesson from a curmudgeon. He had a somewhat unconventional way of teaching that probably ended up dating back to the middle ages. He would not let students work on a forge that allowed bars to pass through. When we asked how we could cut the tong blanks off the bar, he yelled "THINK"! We complained that you couldn't heat the bar at the correct place to cut it, and he said "haven't you heard of convenience bends?" We complained that you couldn't bend the bar far enough up to get the cut location in the fire. He replied, "are you limited to a single bend? THINK". When it came time to punch the hole for the rivet, he wouldn't let us use his punches, since we might ruin them. He also had no grade 5 bolts or O-1 tool steel. We had to fish a piece of mild steel out of the scrap bin. If you were not careful, the punch would get a kink at the business end that would be impossible to straighten out. He would glance over and mutter that he was surprised that you were able to get a single use out of your lousy punch the way you were poorly managing the heat. At the end of the lesson, I complained that it was a pretty unpleasant experience. He said, you have learned some lessons that are much more important than your crappy tongs that you at least finished. First, don't expect to be able to borrow tools, and second, pay attention to the different types of steel. Remember your stumbling and humiliation every time you think that junk steel will suit your needs. Too many beginner blacksmiths are enamored with mystery steel. When I got home, I forged some hot work tools out of hardenable rebar. They were so superior to mild steel. I immediately ordered a sample pack of S-7 off Ebay. It's one of the best hot work steels, but the jump in suitability from junk scrap to rebar was huge. Of course, I qualified the rebar with quench and break and spark tests.
For turning, rebar has too many inconvenient ridges. Not appropriate use.