Ideally, those rods would be machined on a sliding head (swiss type) lathe to help maintain straightness, although they could be done on a conventional if they were held in a chuck or collet at one end with a centre at the other.
Steerer tubes can be machined (Thomson seatposts are) but are more likely extruded I would imagine. I've not seen enough different steerers to be properly informed! Again, I'd hold on one end in chuck or collet, centre (tailstop) in the other end to hold it rigid. Machine OD to size. Change workholding to collet to match new OD, drill through and face, reverse job, face to length. Could drill half way on each facing op depending on length of steerer and drills available.