Semi-steel is a lower grade cast steel, as such the chuck is rated to a lower top speed, forged is a higher grade steel which has a higher maximum speed. This becomes more important if your lathe can achieve those maximum speeds, and you are spinning a large chuck. Example is an 8" semi-steel will usually be rated to 2,000 RPM, where a forged would be 2,500 RPM. Otherwise they are the same, other than semi steel is much less expensive. On a smaller chuck, say 6" you are looking at maximum speeds in the 5K range, so pretty much a non-issue. Do recall recently another HM member that bought an Bison 8" combo in semi-steel, the company (Small Tools) found they were on back order and offered him a forged for the same price.
Act Fast, this is probably one of those deals that one rarely sees. This is the Bison 8" combination chuck at 47% off ($794) from Grizzly. You can buy a Gator D1-4 back plate (about 1/2 the cost of the Bison), that is what I installed on mine.
The jaws on this chuck move independently, so you can use them for holding odd shaped pieces or where zero tolerance is required. Forged steel body with a large thru-hole, this chuck has heavy-duty reversible jaws, (hard top jaws and hard master jaws), and a set of mounting bolts and eye bolt...
www.grizzly.com
Link to chuck at Bison America
www.bison-america.com