I believe its Billet

NO, being cut from "bar stock" and Billet are not the same. Billet is a much higher quality of metal. Most of the time people get that mixed up, any company that claims they are making a part from Billet should be questioned by the consumer as to wether or not is true Billet or Bar Stock.

http://www.metalinfo.com/demob_kov_mech.cfm