12L14 cold finished is a free-machining, low carbon steel. It has been re-sulphurized & re-phosphorized and has lead added to increase machinability. It is a favorite material to machine on light weight lathes. Often sold as Ledloy.
ASTM: A108; Tensile strength: 78,000 PSI Yield strength: 60,000 PSI Machinability rating 195%
Picture may not represent actual size